Riyad Bank launches 5bn riyal sukuk

Riyad Bank has initiated the offering of Additional Tier 1 Capital Sukuk, denominated in Saudi Riyals, with an initial value of 5 billion Riyals, as part of an overall program of 10 billion Riyals. The final amount will be determined after the offering period ends on August 3rd, in accordance with market conditions. The sukuk are targeted at both individuals and institutional investors within and outside Saudi Arabia. They offer a fixed annual return of 6.5%, paid quarterly, and are perpetual with early redemption options starting from the fifth year. The bank has appointed Riyad Capital as the financial advisor and the sole arranger for the transaction.

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