UPDATE 2- #Saudi Arabia's Riyad Bank sells $1.5 billion 10-yr Islamic bonds - Reuters

UPDATE 2-Saudi Arabia's Riyad Bank sells $1.5 billion 10-yr Islamic bonds - Reuters:

Saudi Arabia’s Riyad Bank has sold $1.5 billion in 10-year dollar sukuk, callable after five years, at 180 basis points (bps) over five-year mid-swaps, a document showed on Tuesday.

The bank garnered more than $7.8 billion in orders for the sukuk, or Islamic bonds, the document said. It tightened the spreads after it had initially started marketing the bonds at around 225 bps over mid-swaps earlier on Tuesday.

Riyad Bank hired JPMorgan, Riyad Capital and Standard Chartered to lead the deal. First Abu Dhabi Bank and HSBC are also involved in arranging the debt sale.

The Tier 2 subordinated sukuk sale is part of a $3 billion issuance programme.