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Riyad Bank issues sukuk worth SAR 4bn

Riyad Bank issues sukuk worth SAR 4bn
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Riyadh-Mubasher: Riyad Bank, Saudi Arabia's fourth-largest lender by assets, has issued sukuk worth SAR 4 billion ($1.07 billion), to boost its capital, sources told Reuters.

They added that the deal, which will enhance the bank's Tier 2 or supplementary capital, was priced at the end of last week at 115 basis points over the Saudi interbank offered rate.

The bank earlier announced that it obtained the approval of Saudi Arabian Monetary Agency (SAMA) on issuing sukuk, with a tenor of 10 years but a clause could see the deal redeemed by the issuer after the fifth year.