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Riyad Bank launches int’l Sukuk programme

Riyad Bank launches int’l Sukuk programme
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Riyadh – Mubasher: Riyad Bank has launched its international Sukuk programme on Tuesday.

The bank announced the commencement of the first offer of its international tier 2 US dollar-denominated Sukuk, according to a statement to the Saudi Stock Exchange (Tadawul).

The total value of the programme will not exceed $3 billion, the bank previously revealed.

The amount of the first issuance that was launched today is subject to market conditions.

Moreover, the minimum subscription is $200,000 plus increments of $1,000, with the return also subject to market conditions, the statement noted.

The bank has mandated J.P Morgan, Riyad Capital, Standard Chartered Bank, HSBC, and First Abu Dhabi Bank as the issuance managers.