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Saudi Olayan prices Islamic bond at $173m

Saudi-based conglomerate, Olayan Group has concluded its maiden issue of an Islamic bond, Reuters has reported, citing two sources with knowledge of the matter. The firm, which has interests in manufacturing and services and has a multi-billion dollar portfolio of investments spread across major asset classes globally, priced the SR650m ($173.3m), five-year sukuk at 150 basis points over the Saudi interbank offered rate, one of the sources said. Olayan Group is one of the largest family-owned firms in the kingdom and owns a sizeable stake in Swiss bank Credit Suisse.