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Banque Saudi Fransi seals SAR2 billion sukuk

: Thursday, June 19 - 2014 @ 18:19

The Saudi Arabian Tadawul All-Share Index gained a tiny 0.10 per cent on Thursday, June 19, finishing at 9,648.26 points. A new war of words between Saudi Arabia and Iraq has weighed on the sentiment. Saudi Arabian minister of foreign affairs, Saudi Al-Faisal, denied accusations made by Iraqi prime minister, Nouri Al-Maliki, that the kingdom would support radical Takfiri ISIS insurgents in Iraq.

Market bellwether SABIC was the most liquid security and closed insignificantly higher at SAR115. Banque Saudi Fransi closed unchanged at SAR31.50. Earlier in day, the lender revealed that it has successfully concluded on June 18 the issuance of a SAR2 billion ($540 million) Islamic bond (sukuk) through a private placement inside Saudi Arabia. “This shari’a-compliant sukuk will support the bank’s capital base in accordance with Basel III requirements in order to assist in the bank’s further growth. The issuance has a tenor of 10 years, with the bank having the right to call the sukuk at the end of the fifth year. The sukuk carries a half-yearly profit of three months SIBOR of +1.40%.”

Gérard Al-Fil

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Thursday, June 19- 2014 @ 18:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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