Saudi Arabia is unlikely to sell a planned Islamic bond in the first quarter after the head of its debt management office left, according to sources. Plans for the issue have stalled since Fahad Al Saif, responsible for the country’s international and domestic borrowing programme, returned to Saudi British Bank in January after his secondment to the Finance Ministry. Saudi Arabia appointed lawyers at end of last year and met bankers to discuss the potential sale of sukuk in the first quarter to help fund its budget deficit. Finance Minister Mohammed Al-Jadaan also said the kingdom was “very likely” to issue debt in the first three months, depending on market conditions. (Bloomberg)