Saudi's Bank Al Jazira, Bank Al Bilad planning local sukuk issues

Two of Saudi Arabia's smaller banks by assets are planning to sell Islamic bonds, or sukuk, in the coming weeks. Bank Al Jazira will meet local fixed income investors this week ahead of a sukuk sale which will improve its Tier 2, or supplementary, capital levels. Meanwhile, Bank Al Bilad has chosen HSBC's Saudi Arabian arm to arrange its own Tier 2-enhancing sukuk issue. (reuters)