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Riyad Bank commenced the offer of SAR-denominated Tier 2 capital-eligible sukuk, through private placement in Saudi Arabia, starting today, Jan. 20, the bank said in a statement to Tadawul.
The offering ends Feb. 9, 2021.
The amount of the issuance and number of sukuk will be determined based on market conditions.
The target group includes sophisticated investors in accordance with Article 9 of the rules on the offer of securities and continuing obligations.
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Sukuk Details |
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Issuance type |
SAR-denominated Tier 2 capital-eligible sukuk |
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Amount |
Based on market conditions |
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Start date |
Jan. 20, 2021 |
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End date |
Feb. 9, 2021 |
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Target group |
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Manager |
Riyad Capital as sole arranger and dealer |
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Minimum subscription |
SAR 1 mln |
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Listing price |
SAR 1 mln |
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Par Value |
SAR 1 mln |
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Return (sukuk/bond) |
Six months SAIBOR in addition to a margin (to be determined subject to market conditions) |
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Maturity |
10 years callable in the fifth year, subject to the terms and conditions of the sukuk |
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Redemption |
To be redeemed on the maturity date. May be redeemed early due to a capital or tax event, an event of default, or an issuer call option, each pursuant to terms and conditions of the sukuk |
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The issue end date mentioned above is the expected end date, subject to market conditions, the statement said, adding that the announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities.
On Jan. 19, 2021, Riyad Bank announced its plans to establish a domestic SAR-denominated sukuk issuance program of up to SAR 10 billion, Argaam reported.
The program's purpose is to issue and offer senior and/or subordinated sukuk, including the issuance of Tier 2 capital-eligible sukuk in one or more tranches, or through one issuance, or a series of issuances by way of private placement in Saudi Arabia.
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