Arab National Bank buys back $49 million of its floaters due 2016

By Susanna Moon

Chicago, June 16 - Arab National Bank said it acquired $49 million nominal value of its $500 million lower tier 2 floating-rate notes due Oct. 31, 2016.

The bonds acquired represent 9.8% of the nominal value of the bonds in issue.

Arab National Bank said it may make more bond purchases in the future.

The issuer is a Riyadh, Saudi Arabia-based joint stock company for the provision of commercial, Islamic and investment banking services to individuals and corporations through 131 branches in Saudi Arabia and one branch in the United Kingdom.

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