Saudi British Bank (SABB), the lender 40 percent owned by HSBC Holdings Plc (HSBA), raised SR1.5 billion ($400 million) from a private placement of Islamic bonds. The bank issued the five-year, floating-rate notes to return 120 basis over the three-month Saudi Interbank Offered Rate, according to data compiled by Bloomberg. HSBC Saudi Arabia Ltd. was the sole sale manager. Saudi British also bought back SR1 billion of a SR1.705 billion senior note maturing in July 2013. The amount outstanding is SR705 million.
