Riyadh
Riyad Bank intends an early redemption of its 4 billion riyals ($1.06 billion) sukuk due in 2025, the Saudi lender said in a statement on Tadawul. The sukuk redemption will be in full, at face value, at the end of year five (on June 24, 2020). The sukuk was issued on June 24, 2015 for an aggregate value of 4 billion riyals with an original maturity of ten years, due on June 24, 2025. The bank has obtained regulatory approval for the sukuk redemption, the statement showed. The redemption amount together with any periodic distribution amount will be transferred by the bank to the sukukholders’ accounts on 24 June 2020 based on their respective sukukholdings as of 15 June 2020 (start of the sukuk trading suspension period).—Reuters
