Saudi Arabia's Riyad Bank plans to issue US dollar denominated Tier 1 capital sukuk to support its capital base and meet financial and strategic needs.

In a statement to the Saudi Tadawul stock exchange on Sunday, the bank said amount and terms of offer of the sukuk will be determined subject to the market conditions.

The offer is expected to be through a special purpose vehicle and by way of an offer to eligible investors in the Kingdom of Saudi Arabia and internationally.

Riyad Bank has mandated HSBC, Riyad Capital and Standard Chartered Bank as joint lead managers and bookrunners to do a series of investor meetings.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2022