Dubai: Bahrain’s Gulf International Bank (GIB) said it had sold 2 billion Saudi riyals ($533 million) of five-year floating rate notes, the first issue by a financial institution in the domestic Saudi riyal bond market since September 2015.
The senior unsecured notes were oversubscribed and priced at a spread of 140 basis points over the three-month Saudi interbank offered rate, the bank said on Monday.
GIB Capital was lead coordinator for the offer, while GIB Capital, Samba Capital & Investment Management Co, Riyad Capital and Saudi Fransi Capital were joint lead managers and book runners.
GIB’s primary shareholder is the state-owned Public Investment Fund of Saudi Arabia.
