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

Logo of Riyad Bank

Riyad Bank plans to issue Saudi riyal-denominated additional Tier 1 capital sukuk through a private placement in Saudi Arabia, the bank said in a statement to Tadawul. 

The sukuk value and offer terms will be determined subject to market conditions. The bank aims to strengthen its capital base in accordance with Basel III framework. 

Riyad Capital was hired as the sole lead manager and bookrunner for the potential offer, the bank added. 

The sukuk offer is subject to the approval of the relevant regulatory authorities and will take place in compliance with applicable laws and regulations. 

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 relevant material developments in due course as required by the relevant rules and regulations.