Saudi Bank AlBilad to issue $800mln riyal-denominated sukuk | ZAWYA MENA Edition
Saudi Arabia’s Bank AlBilad will issue a domestic Saudi riyal-denominated Tier 2 sukuk for up to 3 billion riyals ($800 million) by way of private placement in the kingdom.
The potential offer may also include an option for the holders of the 2 billion riyals sukuk, due in 2026, to exchange their investment for the Tier 2 sukuk, subject to the terms and conditions, the lender said in a statement to the Tadawul exchange on Thursday.
Bank AlBilad has mandated Albilad Capital as the sole arranger and dealer for the potential offer.
Last month, the lender reported 8 percent increased net profit to 1.35 billion riyals for the fiscal year 2020 on higher net income from investment and financing activities.
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