Riyad Bank to tap domestic, global bond markets

Riyad Bank is planning to issue primary and secondary bonds and instruments in the domestic and international market in Saudi riyals, US dollars, and potentially other currencies, it said in a statement to Tadawul on Monday.

The program will be launched in one or several parts, and in several stages, through a series of issues.

The move comes as Riyad Bank looks to diversify its sources of finance and strengthen its capital base, supporting the expansion of its credit business and banking activities, the statement added.

The Saudi lender will issue the bonds and instruments after completion of all regulatory procedures, according to market conditions.

Other significant developments will be announced in due course, the bank said.