Riyad Bank (1010) plans to issue dollar-denominated additional Tier 1 sustainable sukuk, under its international additional Tier-1 capital sukuk program established earlier this month.
Details
The Shariah-compliant bonds are expected to be issued through a special-purpose vehicle and offered to both local and foreign qualified investors.
So what
The bank aims to improve its Tier-1 capital and fund general banking purposes.
The value and terms of the potential issuance will be determined based on upcoming market conditions.
Some context
Riyad Bank is the third most profitable Saudi bank listed on Tadawul as of Q2 2024.
Its net profit came to approximately SAR 2.3 billion, rising around 18% YoY.
