#Saudi banks Jazira, Bilad planning local #sukuk issues

Bank Al Jazira will meet local fixed income investors this week for a sukuk sale which will improve its Tier 2. The transaction will likely run for ten years but includes an option to redeem the sukuk after five years. It is being arranged by GIB Capital, as well as the bank's own investment banking arm. Bank Al Bilad has chosen HSBC's Saudi Arabian arm to arrange its own Tier 2-enhancing sukuk issue. According to their respective financial statements, Bank Al Jazira's CAR was 15.83% at the end of 2015. At the same point, Bank Al Bilad's CAR was 15.88%.