Banque Saudi Fransi, which is part-owned by Credit Agricole, will close a 1.9 billion riyals ($506.6 million) Lower Tier 2 Islamic bond issue on Tuesday, a source familiar with the matter said.
The subordinated sukuk will boost Banque Saudi Fransi’s 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