DUBAI, Aug 30 (Reuters) - Saudi Arabia’s Bank Al Bilad priced an Islamic bond issue worth 2 billion riyals ($533 million) at 200 basis points above the three-month Saudi interbank offered rate, the lender said in a bourse statement on Tuesday.
The sukuk have a tenor of 10 years, with the bank having the right to call the bond at the end of the fifth year. They were sold through a private placement.
Bank Al Bilad, one of the smaller lenders in Saudi Arabia, said funds raised would support its capital base in line with Basel III standards. (Reporting by Hadeel Al Sayegh; Editing by Andrew Torchia)
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