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Riyad Bank creates $3bn Sukuk programme

Riyad Bank creates $3bn Sukuk programme
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Riyadh – Mubasher: Riyad Bank has established a programme for international Tier 2 Sukuk denominated in US dollars.

The total value of the programme will not exceed $3 billion, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The bank plans to offer its first trust certificates under the programme with the purpose of diversifying sources of finance and its maturity. Moreover, Riyad Bank says the sukuk will strengthen the capital base of the Bank and support the expansion of its credit business and banking activities.

The joint lead managers for the potential offer will be J.P Morgan, Riyad Capital, Standard Chartered Bank, First Abu Dhabi Bank (FAB), and HSBC.

Last month, the bank announced its intention to establish a programme to issue primary and secondary bonds and instruments inside and outside Saudi Arabia, and the potential offering has recently been assigned with a provisional A2 rating from Moody's Investors Service.