GIB plans SR3bn bond issue

Saudi-owned Gulf International Bank (GIB) plans a SR3bn ($800m) bond issue in April to fund its growth in the kingdom, Reuters has reported, citing a banking source. Roadshows for the issue will start two weeks after related documentation is submitted to the Saudi bourse watchdog, the Capital Markets Authority. In November, the Bahrain-headquartered lender raised SR2bn via a three-year bond priced at 127.5 basis points over the Saudi Interbank Offer Rate. Credit Agricole CIB, Samba Capital, Riyad Capital and GIB's unit GIB Financial Services have been appointed as lead managers for the issue.