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Saudi Arabia's fifth-biggest lender by market capitalisation, Banque Saudi Fransi plans to issue its first dollar-denominated Islamic bond, depending on market conditions, and has selected banks to arrange investor meetings, Reuters has reported. The lender has picked Citi, Deutsche Bank and Credit Agricole to arrange global roadshows starting in the Saudi capital Riyadh on May 7, the banks said. Banque Saudi Fransi's existing $650m 4.5% conventional bond, maturing 2015 was bid at 104.25 levels on Wednesday, to yield 2.7%. It was trading at a zero-volatility spread (z-spread) of about 210 basis points.