Riyadh – Mubasher: Riyad Bank on Tuesday announced its intention to set up a domestic SAR-denominated Sukuk issuance programme of up to SAR 10 billion.
This comes in a bid to issue and offer senior and/or subordinated Sukuk including the issuance of Tier 2 capital-eligible Sukuk in one or more tranches or through one issuance or a series of issuances, according to a stock exchange statement.
The bank plans to issue Tier 2 Sukuk under the Sukuk programme by way of a private placement in Saudi Arabia. The potential offer, subject to the approval of competent regulatory authorities, aims is to strengthen the bank’s capital base.
Riyad Capital has been appointed as the Sole Arranger and Dealer for the proposed establishment of the Sukuk programme and the potential offer.