Islamic Finance

Saudi's Riyad Bank sells 3 bln riyals Tier 2 sukuk

Saudi Arabia's Riyad Bank has sold via private placement 3 billion riyals in Tier 2 sukuk. 

The 10-year sukuk is callable at year five, the bank said in a bourse filing on Tuesday (Feb 9).

It was priced at 6-month SAIBOR + 150 bps. 

Riyad Capital was the sole arranger and dealer. 

Sukuk issuances are forecasted to pick up further momentum this year after around $172 billion sold last year. The Gulf Cooperation Council countries, that include Saudi Arabia, are expected to remain active in the sukuk markets. 

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