Riyad Bank starts the issuance of its riyal-denominated Tier 1 sukuk

RIYADH: Riyad Bank announced on Thursday the commencement of an additional sukuk offering on a private placement basis, a day after it revealed initial plans for the issuance.

Denominated in Saudi riyals, the size and offer price of the issuance are still undetermined and subject to market conditions, Riyad Bank said in a stock exchange filing.

The expected end date of the offering is Dec. 31, 2022. Investors shall subscribe to a minimum of SR250,000 ($66,533), with a return rate yet to be determined.