Riyadh – Mubasher: Riyad Bank announced the completion of the first offering of its international tier 2 dollar-denominated sukuk.

The Saudi lender issued a total of 7,500 sukuk at a nominal value of $200,000 apiece, totalling $1.5 billion, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The offering will mature on 25 February, the statement showed.

The issuance has a fixed return rate of 3.174% per annum, payable every six months on each period distribution date until 24 February 2025 (the first call date). The return rate will be reset on the first call date.

The certificates will be listed on the International Securities Market of the London Stock Exchange (LSE).