Banque Saudi Fransi, which is part-owned by Credit Agricole, will issue up to 2.5 billion riyals ($667 million) in secondary sukuk, or Islamic bonds, after shareholders approved the move, the lender said on Tuesday.
The move is aimed at shoring up its supplementary capital reserves, or Tier 2 capital. Bonds and sukuk issued to raise Tier 2 capital are usually classed as subordinated debt, meaning they would be below secured creditors in the event of any restructuring………………………………………..Full Article: Source