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Riyad Bank starts offering Tier 2 Sukuk

Riyad Bank starts offering Tier 2 Sukuk
The Sukuk offering end date is 9 February 2021.
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Riyadh – Mubasher: Riyad Bank began on Wednesday offering SAR-denominated Tier 2 capital-eligible Sukuk by way of a private placement in Saudi Arabia.

The amount of the issue and number of Sukuk will be determined as per market conditions, according to a statement to the Saudi Stock Exchange (Tadawul).

The offering end date is 9 February 2021. Each of the minimum subscription value, Sukuk offer price, and Sukuk par value amounts to SAR 1 million.

Moreover, the Sukuk has a maturity period of 10 years callable at year 5, subject to the terms and conditions of the Sukuk.

On Tuesday, the bank said it plans to set up a domestic SAR-denominated Sukuk issuance programme of up to SAR 10 billion and issue senior and/or subordinated Sukuk including the issuance of Tier 2 capital-eligible Sukuk.