{"id":90062,"date":"2024-09-30T00:00:00","date_gmt":"2024-09-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/30\/riyad-bank-closes-usd-750-mn-sustainable-sukuk-issuance\/"},"modified":"2024-09-30T00:00:00","modified_gmt":"2024-09-30T00:00:00","slug":"riyad-bank-closes-usd-750-mn-sustainable-sukuk-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/30\/riyad-bank-closes-usd-750-mn-sustainable-sukuk-issuance\/","title":{"rendered":"Riyad Bank closes USD 750 mn sustainable sukuk issuance"},"content":{"rendered":"

Riyad Bank closed its USD 750 mn additional tier 1 <\/strong>capital USD-denominated sustainable<\/strong> sukuk issuance<\/strong>, with settlement scheduled for Thursday, 3 October, according to a disclosure to Tadawul<\/a>. Proceeds will be directed toward shoring up the bank\u2019s tier 1 capital and supporting general banking activities, while the sukuk will be tradable on the London Stock Exchange\u2019s International Securities Market.<\/p>\n

The details:<\/strong> The notes carry a 5.5% annual return and are callable after five years. The bank issued 3.75 sukuk at USD 200k each. <\/p>\n

IN CONTEXT- <\/strong>The issuance comes as part of the bank\u2019s international additional tier 1 capital sukuk program that was established earlier this month<\/a> after being approved by the bank\u2019s board in August. Additional tier 1 (AT1) capital is a component of tier 1 capital that is held by banks to shore up their financial resilience. AT1 instruments can usually be converted into equity when a trigger occurs, such as when a bank\u2019s capital falls below a certain threshold.<\/p>\n

ADVISORS- <\/strong>HSBC, Kamco Investment, Merrill Lynch, Mizuho, Morgan Stanley, Riyad Capital, SMBC Nikko Capital Markets, Standard Chartered, and Warba Bank served as joint lead managers and bookrunners on the offer.<\/p>\n

REMEMBER-<\/strong> Saudi Arabia led sustainable sukuk issuances in the GCC during 1H 2024, accounting for 42%<\/a> of the region\u2019s issuances. Al Rajhi Bank kicked off a USD 1 bn AT1 sustainable sukuk issuance in May<\/a>, while Saudi National Bank sold USD 4.1 bn<\/a> of five-year, USD-denominated sustainable sukuk in February. <\/p>\n","protected":false},"excerpt":{"rendered":"

The sukuk will be tradable on LSE\u2019s International Securities Market<\/p>\n","protected":false},"author":1,"featured_media":90063,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[57,10,74,118],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-ksa","tag-riyad-bank","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"82aa3076-00f3-4f80-9491-e4488ee46a21","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/2234.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Riyad Bank closes USD 750 mn AT1 USD-denominated sustainable sukuk issuance","related_issue":[90053],"teaser":"The sukuk will be tradable on LSE\u2019s International Securities Market","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.51c925fd-fe5e-417c-b4ab-6e933ca2a5f7.mp3"},"yoast_head":"\nRiyad Bank closes USD 750 mn sustainable sukuk issuance - 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