| HSBC Saudi Arabia Limited has successfully closed the first private placement of sukuk issue for The Saudi British Bank (SABB). This is the first subordinated Tier II sukuk transaction, which comes in line with the Basel III transitional arrangement requirements in the region.
The size of the issue was SR1.5 billion with 5-year tenure. As part of the issue, SABB has offered investors in its senior 2008 SR1,705 million notes the options to buy all or parts of their notes if they wished to take part in the new sukuk issue...............................................Full Article: Source |