Domestic issuers stayed active across the capital stack this week, with a major utility and the kingdom’s largest lender closing USD plays, a local bank moving to call outstanding Tier 2 paper, and a Nomu-listed tech firm lining up a fresh local sukuk program.

SEC

Saudi Electricity Company (SEC) closed its USD 2.4 bn senior unsecured sukuk, it said in a disclosure to Tadawul. The Reg-S issuance was split into three tranches, with tenors of 3, 6, and 10 years, it said in a disclosure to Tadawul. The tranches were sized at USD 500 mn (priced at 4.31%), USD 700 mn (4.518%), and USD 1.2 bn (5.065%). The sukuk will be listed on the London Stock Exchange (LSE).

SNB

Saudi National Bank (SNB) wrapped up its USD 1 bn additional tier 1 (AT1) issuance, announced last week, pricing the perpetual notes at 6.15% with a 5.5-year call, according to a bourse filing. The notes will be listed on the LSE.

Riyad Bank

Riyad Bank plans to redeem its SAR 3 bn Tier 2 sukuk due 2031 in full at face value on 9 February, exercising its call option at the end of the fifth year, according to a Tadawul disclosure. Earlier this month, the lender raised USD 1 bn through a Reg-S, 10-year Tier 2 sustainable note issuance, comprising 5k sukuk with a 5.8% annual yield rate.

Alqemam

Nomu-listed IT firm Alqemam for Computer Systems plans to offer SAR-denominated murabaha sukuk to fund its projects, it said in a bourse filing. The sukuk will be issued under a SAR 10 mn program structured in 20 tranches, starting with an initial SAR 500k tranche.

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