Riyad Bank starts issuing USD-denominated sukuk

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Riyad Bank started the issuance of USD-denominated additional Tier 1 sustainable sukuk, according to a Tadawul statement.

 

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The final issuance value and offering terms will be determined based on market conditions.

 

Issuance Details

Type

USD-denominated additional Tier 1 sustainable sukuk

Value

The final issuance value and offering terms will be determined based on market conditions.

Start of Issuance

Sept. 26, 2024

End of Issuance

Sept. 27, 2024

Target Investors

Qualified investors in Saudi Arabia and internationally.

Issuance Manager

Riyad Bank appointed HSBC Bank PLC, Kamco Investment Co., Merrill Lynch International, Mizuho International, Morgan Stanley & Co. International, Riyad Capital, SMBC Nikko Capital Markets Ltd, Standard Chartered Bank, and Warba Bank as joint lead managers and bookrunners for the potential issuance.

Minimum Subscription Value

$200,000 and in increments of $1,000 in excess thereof.

Offering Price

Subject to market conditions

Par Value

$200,000

Return

Subject to market conditions

Maturity

Perpetual, callable after 5 years

Terms of Redemption

The sukuk may be redeemed in certain cases as detailed in the offering circular
 

This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the sukuk.

 

The bank will announce any other material developments in due course as required by the relevant rules and regulations, the statement added.

 

The sukuk will be listed on the London Stock Exchange's International Securities Market. It may be sold under Regulation S of the US Securities Act of 1933, as amended.

 

The abovementioned offering end date is an expected date and is subject to market conditions.

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