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Banque Saudi Fransi eyes sukuk

Dubai, May 15, 2012

Banque Saudi Fransi plans to issue a five-year benchmark-sized sukuk, arranging banks said yesterday, after the lender completed investor meetings last week.

An issue would be the Saudi bank's first sukuk under a recently-established $2 billion programme.

Initial guidance for the sukuk was at 200 basis points over midswaps. Benchmark is usually understood to be at least $500 million.

Market sources expect healthy demand for the deal, propped up by a strong regional bid, despite the euro zone uncertainty which is currently weighing on global markets.

"(Pricing) is better than rumoured last week but still relatively tight versus peers," said a regional trader, adding earlier market chatter had indicated guidance in late 100s over midswaps area.-Reuters




Tags: sukuk | Islamic bond | Banque Saudi Fransi |

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