#Saudi’s Bank Al Jazira prices SAR2 billion capital-boosting #sukuk

Bank Al Jazira has priced a 2 billion riyal ($533 million) sukuk issue that will boost the lender’s capital reserves. The bank priced the transaction at 190 basis points over the six-month Saudi interbank offered rate. The Islamic bond issue is structured with a ten-year lifespan but includes an option for the lender to redeem the sukuk after five years. It was arranged by GIB Capital as well as the bank’s own investment banking arm.