VOL XL
No. 02
13-January-1997
SAUDI ARABIA
SAMA Issues Floating Rate Notes
As an alternative to its regular sales of 3- and5-year Government Development Bonds (GDBs), the Saudi Arabian Monetary Agency (SAMA) hasstarted to issue Floating Rate Notes (FRNs) at its bi-weekly auctions of government paper.According to bankers in the Kingdom, the first offering of 5-year FRNs took place at theauction on Saturday 28 December and was substantially oversubscribed. SAMA usually offersSR1.5bn ($400mn) of GDBs...
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