Financial and Banking News
LOANS AND ISSUES
Saudi European Launches ECP Program
The Paris-based Saudi European Bank (SEB) has launched a $30mneuro-commercial paper (ECP) program arranged by Merrill Lynch. Among theco-managing underwriters are ALEF Bank and Arab Hellenic Bank, and the facilityis for the issue of CDs carrying a fixed 0.25% spread over Libor with an annualunderwriting fee of 0.2%.