The Kingdom’s debt markets are still going strong, with new sukuk issuances on the way from Al Rajhi Bank and SNB.

#1- Al Rajhi kicks off USD-denominated sukuk sale: Tadawul-listed Al Rajhi Bank priced its USD 500 mn five-year sukuk at 95 bps over US Treasuries — 30 bps tighter than initial price thoughts, Zawya reports. The paper attracted USD 1.2 bn in orders (excluding joint lead manager interest). Al Rajhi Sukuk is the issuer and trustee.

Use of proceeds: The senior unsecured Wakala notes will be listed on both the London Stock Exchange and Taiwan’s Taipei Exchange, with proceeds earmarked for general corporate purposes, according to a separate report.

ADVISORS- Al Rajhi tapped Standard Chartered Bank (Taiwan) as lead manager, with Mashreq, Al Rajhi Capital, Bank ABC, Emirates NBD Capital, and the Islamic Corporation for the Development of the Private Sector acting as structuring agents.

#2- SNB gears up to hit the local debt market: Tadawul-listed Saudi National Bank (SNB) plans to issue SAR-denominated additional tier-one (AT1) sukuk to shore up its financial buffers, it said in a filing to Tadawul. The proposed offering is subject to regulatory approvals, with no pricing, yield, or timing details disclosed yet.

ADVISORS-SNB Capital is acting as the sole bookrunner, lead arranger, and lead manager on the transaction.

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