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Riyad Bank plans to issue USD-denominated additional Tier 1 sustainable sukuk under its additional Tier 1 capital sukuk program, established by the bank on Sept. 10, 2024, following a board decision on Aug. 19, 2024.
The bank stated in a filing on Tadawul that the sukuk issuance is expected to be conducted through a special purpose vehicle (SPV) and will be offered to qualified investors both domestically and internationally.
Riyad Bank appointed HSBC Bank PLC, Kamco Investment Co. K.S.C.P., Merrill Lynch International, Mizuho International, Morgan Stanley & Co. International, Riyad Capital, SMBC Nikko Capital Markets Limited, Standard Chartered Bank, and Warba Bank as joint lead managers and bookrunners for the potential issuance.
The value and terms of the sukuk offering will be determined based on market conditions, the bank noted, adding that the purpose of the issuance is to strengthen its Tier 1 capital and will be used in general banking purposes.
The offering, subject to approval from the relevant regulatory authorities, will be executed in compliance with applicable laws and regulations.
The announcement does not constitute an invitation or offer to purchase, own, or subscribe to any securities and is subject to the terms and conditions of the sukuk.
The bank will disclose any significant developments as they occur, adhering to the relevant regulations, the statement added.
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