Riyad Bank plans SAR-denominated additional Tier 1 capital sukuk issuance

Riyad Bank plans to issue SAR-denominated additional Tier 1 capital sukuk through a private placement in Saudi Arabia, under its SAR 10 billion additional tier 1 capital sukuk program.

Riyad Capital was hired as the sole lead manager for the potential offer, the bank said in a statement to Tadawul today, Jan. 1.

The sukuk value and offer terms will be determined later, based on market conditions.

Through the planned issuance, the bank aims to strengthen its capital base, while also being geared towards general banking purposes.

The proposed offer is still pending the approval of the relevant regulatory authorities. It shall be carried out in compliance with applicable laws and regulations, the statement indicated.

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.

Riyad Bank will announce any other related material developments in due course, as required by the relevant rules and regulations.