Riyad Bank raises 13.59B SAR via sukuk at 6.5% quarterly return

Al Rajhi Bank collected 13.59 billion Saudi Riyals from the issuance of Tier 1 capital sukuk, with a fixed annual return of 6.5% distributed quarterly. This issuance exceeded the initial target of 5 billion Riyals, with a coverage ratio of more than 2.7 times. As a result, the maximum issuance limit was increased to 10 billion Riyals. The offering included 10 million sukuk with a nominal value of 1,000 Riyals each. The sukuk are considered perpetual but can be redeemed early starting from the fifth year. The purpose of the issuance is to strengthen the bank's capital and provide sustainable funding, with the yield reset on August 13, 2031, and every five years thereafter.

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