Riyad Bank completes $750M sukuk offer

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Riyad Bank completed its $750 million worth of USD-denominated additional Tier 1 sustainable sukuk issuance, under its international additional Tier 1 sukuk program.

 

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The sukuk will be settled on Oct. 3, the bank said in a statement to Tadawul.

 

Offer Details

Offer Type

USD-denominated sustainable sukuk

Issuance Value

$750 mln

Total No. of Sukuk

3,750 (based on the category’s minimum limit and total issuance size)

Nominal Value

$200,000

Yield

5.50% annually

Maturity Period

Perpetual, callable after 5 years

Redemption Terms

The sukuk may be redeemed before the scheduled maturity date under certain conditions as detailed in the offering circular
 

The sukuk will be listed on London Stock Exchange's International Securities Market (ISM). The sale of the sukuk is permissible only in accordance with Regulation S of the US Securities Act of 1933, as amended.

 

The bank commenced on Sept. 26 its US dollar-denominated sustainable sukuk offering, Argaam reported.

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