New sukuk issuance depends on bank’s need: Riyad Bank CEO

19/02/2020 Argaam

 

The issuance of new sukuk by Riyad bank this year depends on the capital needs of the bank and on its growth rate, Al Arabiya TV reported, citing bank’s chief executive officer, Tareq Al Sadhan.

 

During Q3 2020, it will be clear whether the bank needs to issue new sukuk in 2020 or 2021, the CEO said.

 

He said the bank’s dollar-denominated international Tier 2 sukuk drew huge demand and over 280 international investors showed interest in the issue. Riyad Bank completed today the first offering of its international Tier 2 dollar-denominated sukuk worth $1.5 billion, Argaam reported.

 

The bank announced on Feb. 18 the first issuance of its dollar-denominated international Tier 2 sukuk as part of its program to issue primary and secondary bonds.

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