Saudi’s Arab National Bank places 2b riyal sukuk

DUBAI: Saudi Arabia’s Arab National Bank has issued 2 billion riyals (Dh1.96 billion; $533 million) of 10-year sukuk through a private placement, the kingdom’s seventh largest lender by assets said in a bourse statement on Thursday.

The bank has the right to call the sukuk after five years, it said. The yield was expected to be 140 basis points over the six-month Saudi interbank offered rate, the statement added.

The proceeds of the issue will enhance the bank’s capital in addition to allowing it to expand its activities through its Islamic window, the bank said.

— Reuters