NCB completes SR5bn Islamic bond issue

February 20, 2014 12:34 am

Saudi Arabia’s biggest lender, National Commercial Bank (NCB) has completed a SR5bn ($1.3bn) sukuk issue, Reuters has reported, citing two banking sources. The bank had been aiming to raise SR4bn but the size of the Islamic bond was increased because of strong demand from investors, one of the sources said. The transaction is the largest of its kind in the kingdom and continues the trend of Saudi banks issuing debt instruments to boost capital reserves after a sustained period of high lending growth.