Banque Saudi Fransi closes SR1.9bn Islamic bond
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Banque Saudi Fransi closes SR1.9bn Islamic bond

Banque Saudi Fransi closes SR1.9bn Islamic bond

Banque Saudi Fransi (BSF), the kingdom's fifth-largest bank by market value, closed yesterday a SR1.9bn ($506.6m) Lower Tier 2 Islamic bond issue, Reuters has reported, citing a source familiar with the matter. The subordinated sukuk will boost BSF's supplementary capital reserves, or Tier 2 capital. The issue was around 2.2 times covered by investors and was priced at 110 basis points over the three-month Saudi interbank offered rate (Saibor), the source said.

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