Riyad Bank intends to issue additional capital bonds denominated in riyals

Riyad Bank intends to issue additional Tier 1 capital sukuks denominated in Saudi riyals through a private placement within the Kingdom of Saudi Arabia under its program for additional Tier 1 capital sukuks worth 10 billion riyals.
The bank said in a statement on Saudi Tadawul: It has appointed Riyad Capital as the sole lead manager in relation to the potential offering.
He noted that the value and conditions for offering the sukuks would be determined at a later stage based on market conditions at that time.
He stated that the aim of the offering is to strengthen the bank’s capital base and for general banking purposes.
The potential offering is subject to the approval of the relevant regulatory authorities and will be in accordance with the relevant laws and regulations.