IslamicFinance.de

Saudi Arabia's Riyad Bank is planning to issue an international Tier 2 U.S. dollar sukuk under a new programme. Funds raised from the first issuance under the new programme will diversify the bank's sources of finance, strengthen its capital base, support the expansion of its credit business and other activities. Riyad Bank has mandated J.P. Morgan, Riyad Capital, Standard Chartered Bank, First Abu Dhabi Bank and HSBC as joint lead managers for the upcoming sukuk. Fitch rated the sukuk programme BBB+(EXP)'/'F2(EXP).