DUBAI, Feb 18 (Reuters) - Saudi Arabia’s Riyad Bank has started marketing 10-year dollar sukuk, or Islamic bonds, at around 225 basis points (bps) over mid-swaps, a document showed on Tuesday.
The bank hired JPMorgan, Riyad Capital and Standard Chartered to lead the deal. First Abu Dhabi Bank and HSBC are also involved in arranging the potential debt sale, which is expected to close later on Tuesday.
The Tier 2 subordinated sukuk sale is part of a $3 billion issuance programme. (Reporting by Yousef Saba, editing by Davide Barbuscia)