Earlier this month, Saudi Arabia’s Riyad Bank closed a $750m “sustainability” sukuk (Islamic bond), the latest in a wave of high-profile issuances across different regions. Such ESG-related sukuk are set to see rapid growth in 2022, even while the broader sukuk market softens. Part of its ESG programme, Riyad Bank’s sustainability sukuk was an Additional Tier 1 sukuk, the first of its kind globally.
It was 4.3 times oversubscribed, with demand peaking at $3.2bn. The launch followed on the heels of Saudi National Bank’s…What Does This Year Hold For Saudi Arabia’s ESG-Focused Islamic Bond?
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