Banking & Finance
Saudi Arabia’s Riyad Bank Plans USD Sukuk Issuance; Hires banks
Riyad Bank, Saudi Arabia’s fourth-largest bank, has announced that it has employed international and regional banks for potential issuance of a dollar-denominated Sukuk.
The announcement that was made through a stock exchange filing today, says the bank has hired JPMorgan, Riyad Capital, Standard Chartered, First Abu Dhabi Bank and HSBC to lead the deal.
The first debt issuance under the bank’s maximum US$3 billion programme to issue primary and secondary bonds, the size of tier 2 Sukuk issuance “will be determined in accordance with market conditions,” according to the filing.
On Monday, Fitch Ratings assigned the trust certificate issuance programme – housed under Riyad Sukuk Limited (RSL) – ‘BBB+(EXP)’/’F2(EXP)’ ratings. According to the ratings agency, the ratings are “in line with Riyad’s Long- and Short-Term Issuer Default Ratings (IDRs) of ‘BBB+’ and ‘F2’, respectively. The IDRs of Riyad are driven by its standalone creditworthiness, as reflected by its ‘bbb+’ Viability Rating (VR), and also underpinned by a high probability of support from the Saudi authorities, if needed,” the statement from Fitch said.
The potential debt sale is part of the bank’s purpose to diversify sources of finance and strengthen its capital base, said the bank filing. The bank in January reported a phenomenal rise in full-year profit due to a higher operating income and a rise in total revenue from special commissions. Full-year net profit for the period ending December 31, 2019 climbed to 5.60 billion riyals (Dh5.48bn) while operating income for the full-year rose to 10.72bn riyals, a 19.5 per cent rise from the year-earlier period.
-
Magazines2 months agoOER – September 2025 Issue
-
Alamaliktistaad Magazines1 month agoAlam Al Iktisaad – September 2025 Edition
-
News1 month agoKitchenomiKs Secures Investment of US$3.2M Led by Jasoor Ventures
-
News2 months agoCent Capital, AI Finance App by ex-AWS Strategist ‘The Beast of Bay Area,’ Launches to End Financial Anxiety, Hits $1M AUM
-
News2 months agoOman Inaugurates ‘Hadatha’ – Its All-New Cybersecurity Center
-
Banking & Finance1 month agoOman Arab Bank Highlights Its Ongoing Strategic Initiatives and Future Plans
-
News1 month agoIEA Expects Global Oil Market to Remain Oversupplied in 2026
-
Energy1 month agoWLGA Middle East LPG Summit & Expo 2025 to be held at OCEC on November 10 and 11
