Saudi Hollandi Bank (SHB), the oldest banking franchise in Saudi Arabia, has completed a SR1.4 billion ($373.3 million) Islamic bond issue. The subordinated sukuk, which will boost the bank’s Tier two capital ratio, has a seven-year maturity but can be redeemed by the issuer after the end of the fifth year, the statement said.
The sukuk priced at 1.15 percent over the six-month Saudi interbank offered rate, it added. Shareholders approved the issue of the sukuk in early October………………………………………..Full Article: Source