Alinma Bank hires JPMorgan Saudi Arabia for riyal sukuk

The size of the offering will depend on market conditions, it said in a filing to the Tadawul stock exchange

  
A man leaves an automated teller machine (ATM) outside Alinma Bank in Riyadh, Saudi Arabia, April 25, 2016.

A man leaves an automated teller machine (ATM) outside Alinma Bank in Riyadh, Saudi Arabia, April 25, 2016.

REUTERS/Faisal Al Nasser
 
RIYADH: Alinma Bank has mandated Alinma Investment Company and JPMorgan Saudi Arabia to sell a sukuk in Saudi riyals.

The size of the offering will depend on market conditions, it said in a filing to the Tadawul stock exchange on Wednesday.

“The purpose of the potential offer is to strengthen the bank’s capital base in accordance with the Basel III framework agreement,” it said in the filing.

Saudi companies have increased sukuk issuance in recent months. Saudi Aramco on Wednesday launched its first US dollar-denominated sukuk, which will be issued in three tranches, according to a term sheet seen by Reuters.

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