Issuance Details

• Company: Riyad Bank
• Rating (Fitch): N/A
• Sector: Financial
• Market: ISM

Transaction Details

• Issue Date: 17 January 2022
• Issue Size: $750 million
• Coupon: 0.00 %
• Maturity: –

Riyad Bank sells $750 million in perpetual sustainability sukuk

• Riyad Bank is one of the largest financial institutions in Saudi Arabia and the Middle East
• In January 2022, Riyad Bank sold $750 million in Additional Tier 1 (AT1) Islamic bonds linked to sustainability on London’s International Securities Market (ISM)
• The world’s first sustainability-linked AT1 Islamic bond will be non-callable for five-and-a-half years and is marked as the world’s first sustainability linked AT1 Islamic bond.
• Its yield was tightened from initial price guidance of around 4.375% after demand exceeded $3 billion
• The deal was arranged by BofA Securities, HSBC, Riyad Capital and Standard Chartered

Source: London Stock Exchange, Refinitiv, May 2022