Riyadh issues 10B riyal Tier 1 sukuk

Al Riyad Bank has announced the completion of an issuance of additional Tier 1 capital sukuk amounting to 10 billion SAR, following subscription requests exceeding 13.59 billion SAR, reflecting strong demand and good coverage of the issuance. The final issuance size increased from 5 billion SAR to 10 billion SAR due to the high demand. They issued 10 million sukuk with a nominal value of 1,000 SAR each, offering an annual return of 6.50%, paid quarterly. These sukuk are perpetual and represent unsecured, subordinated obligations, with the option to be redeemed after five years if necessary. The proceeds from the offering will be used to strengthen capital and support general banking purposes, and they will be treated as equity for Zakat purposes.

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