Riyad Bank launches dollar-denominated Tier 1 sukuk

Logo of Riyad Bank

Riyad Bank started today, Feb. 9, to offer dollar-denominated Tier 1 capital sukuk through a special purpose vehicle to eligible investors in Saudi Arabia and internationally, the bank said in a filing to Tadawul.

The amount and terms of the offer will be determined as per the market conditions.

Sukuk Issuance Details
Offer Type	Dollar-denominated international Tier 1 sukuk
Offer Value	The amount and terms of offer will be determined as per the market conditions.
Start Date	Feb. 9, 2022
End Date	Feb. 10, 2022
Target Investors	Institutional investors (qualified investors in the jurisdiction, in which the offering will be made in accordance with the rules and regulations of such jurisdictions)
Minimum Subscription Limit	$200,000 and integral multiples of $1,000 in excess thereof
Offer Price	Subject to market conditions
Par Value	$200,000
Sukuk Return	Subject to market conditions
Maturity	Perpetual
Terms of Redemption	The sukuk may be redeemed by the bank in certain cases as detailed in the offering circular
Issuance Managers	HSBC, Merrill Lynch International, Riyad Capital and Standard Chartered Bank as joint lead managers and bookrunners

The sukuk may be sold as per the regulations under the US Securities Act of 1933, as amended.

The bank will announce any relevant developments in due course.

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