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The Saudi National Bank (SNB) began the sale of its five-year USD-denominated sustainable sukuk under its international sukuk program, it said in a disclosure to Tadawul yesterday. It is set to wrap up the sale which is being offered to eligible investors here and abroad tomorrow.
What we know: The spread for the sale was set at 90 bps over US Treasuries from an earlier initial price guidance of 120 bps, Reuters reported, citing an arranging bank document that it has seen. It has received orders worth USD 4.1 bn, according to the document.
Where the proceeds are going: The proceeds will be channeled for “general corporate purposes and to fulfill the bank’s financial and strategic objectives,” it said in a disclosure earlier this week.
ADVISORS- SNB hired our friends at HSBC Bank as well as Emirates NBD, Dubai Islamic Bank, Goldman Sachs, Mizuho International, SNB Capital and Standard Chartered as joint lead managers and bookrunners on the transaction.
