Riyad Bank completes issuance of SAR 3 bln Tier-2 sukuk

09/02/2021 Argaam

Riyad Bank announced today, Feb. 9, 2021, the completion of the issuance of a domestic SAR-denominated Tier-2 sukuk, worth SAR 3 billion, through private placement.

 

The sukuk may be redeemed early due to a capital disqualification, tax or default event, or the bank’s call option as pursuant to the terms and conditions of the sukuk.

 

The bank mandated Riyad Capital as sole bookrunner, lead arranger and manager for the private placement.

 

Sukuk Details

Issuance amount

SAR 3 bln

Number of sukuk

3,000 (based on the minimum denomination and total issue size)

Par Value (Bonds/Sukuk)

SAR 1 mln

Return

SIBOR for six months + profit margin of 150 basis points

Maturity

10 years redeemable in the fifth year according to the sukuk’s terms and conditions

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