7th APRIL 2015 - Vol.XXXVIII No.018
Business News

GIB launches major Saudi bond

MANAMA: Gulf International Bank (GIB) yesterday announced its debut Saudi riyal bond issuance through its Riyadh branch.

The bank has mandated GIB Financial Services and HSBC as joint lead arrangers and book runners for the bond transaction.

This will be GIB's first Saudi riyal bond issue. The transaction is expected to be launched subject to market conditions following an investor road show.

The bonds will be offered only to institutional/sophisticated investors in Saudi Arabia through a private placement.

Issues related to pricing, size, and maturity of the bond will be determined through a book-building and price discovery process.

"This is a groundbreaking transaction, representing the bank's first bond issue in Saudi riyals," GIB chief executive officer Dr Yahya A Alyahya said.

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