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Riyad Bank started the issuance of USD-denominated additional Tier 1 sustainable sukuk, according to a Tadawul statement.
The final issuance value and offering terms will be determined based on market conditions.
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Issuance Details |
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Type |
USD-denominated additional Tier 1 sustainable sukuk |
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Value |
The final issuance value and offering terms will be determined based on market conditions. |
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Start of Issuance |
Sept. 26, 2024 |
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End of Issuance |
Sept. 27, 2024 |
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Target Investors |
Qualified investors in Saudi Arabia and internationally. |
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Issuance Manager |
Riyad Bank appointed HSBC Bank PLC, Kamco Investment Co., Merrill Lynch International, Mizuho International, Morgan Stanley & Co. International, Riyad Capital, SMBC Nikko Capital Markets Ltd, Standard Chartered Bank, and Warba Bank as joint lead managers and bookrunners for the potential issuance. |
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Minimum Subscription Value |
$200,000 and in increments of $1,000 in excess thereof. |
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Offering Price |
Subject to market conditions |
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Par Value |
$200,000 |
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Return |
Subject to market conditions |
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Maturity |
Perpetual, callable after 5 years |
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Terms of Redemption |
The sukuk may be redeemed in certain cases as detailed in the offering circular |
This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the sukuk.
The bank will announce any other material developments in due course as required by the relevant rules and regulations, the statement added.
The sukuk will be listed on the London Stock Exchange's International Securities Market. It may be sold under Regulation S of the US Securities Act of 1933, as amended.
The abovementioned offering end date is an expected date and is subject to market conditions.
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