Monday, November 4, 2013Riyad Bank is Issuing Medium-term Sukuk
Talal Ibrahim Al-Qudaibi, Riyad Bank?s CEO, said that the Bank started last week the roadshow for the issuance of medium-term Sukuk in Saudi Riyal. It will be private placement offer to institutional investors in the local market. The Sukuki will be for 7 years maturity callable after 5 years with variable return, which will be determined according to subscriptions orders. Riyad Capital has been appointed as a financial advisor and lead manager to this issue.

Al-Qudaibi explained that Riyad Bank aims to diversify the sources of funding, and reduce the asset /liability maturity mismatch by securing long term funding, and provide good investment opportunity for the bank?s clients and investors in the local market. It is expected that this issue would earn a high rate of investors? interest given the bank?s strong financial position. This is supported by the bank receiving grade (AA-) from Capital Intelligence and (A+) from Standard and Poor?s and Fitch Agency, which are the largest global financial credit rating agencies. These ratings are considered the highest among all banks in the kingdom. They also confirm the stable outlook of the bank, which reflects the financial position of the bank and its outstanding performance. Riyad bank has already issued bonds in US dollar for 5 years in 2006 and they were very well received in the global market.

It is noted that Riyad Bank has recently announced its profits of SAR 2,917 Million in the first 9 months of 2013, which is 10% higher than the same period in 2012.
distributed by