{"id":91835,"date":"2024-11-24T00:00:00","date_gmt":"2024-11-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/24\/a-flurry-of-debt-news-from-snb-saib-sab\/"},"modified":"2024-11-24T00:00:00","modified_gmt":"2024-11-24T00:00:00","slug":"a-flurry-of-debt-news-from-snb-saib-sab","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/24\/a-flurry-of-debt-news-from-snb-saib-sab\/","title":{"rendered":"A flurry of debt news from SNB + SAIB + SAB"},"content":{"rendered":"

Saudi National Bank, Saudi Investment Bank, and Saudi Awwal Bank are<\/strong> each out with sukuk-related news this morning<\/strong>, with the first two closing sukuk issuances and the third mulling a fresh offering. <\/p>\n

Saudi National Bank (SNB) closed a SAR 6 bn Additional Tier 1 (AT1) sukuk sale<\/strong>, it said in a disclosure to Tadawul<\/a>. The offering saw 6k sukuk sold \u2014 based on the total SAR 6 bn issue size and minimum SAR 1 mn buy-in \u2014 at 6% annual returns. Proceeds from the offering will go towards strengthening the bank\u2019s local currency capital base<\/a>. Subscriptions kicked off on 10 November, and wrapped up last Thursday, 21 November.<\/p>\n

What we know: <\/strong>The offering is perpetual, meaning there is no fixed maturity date, although redemption may occur under specific terms defined in the terms sheet. If the sukuk are not redeemed, purchased, or canceled on or prior to 21 May 2030, the rate of return will be reset on that date and in five-year cycles thereafter. <\/p>\n

ADVISORS- SNB Capital <\/strong>quarterbacked the offer as its sole bookrunner, lead arranger, and lead manager.<\/p>\n

\n

IN OTHER DEBT NEWS-<\/p>\n

The Saudi Investment Bank (SAIB) completed its USD 750 mn <\/strong>Additional Tier 1<\/a><\/strong>sustainable sukuk offering<\/a><\/strong>, according to a disclosure to Tadawul<\/a>. The USD-denominated debt sale consisted of 3.75k sukuk, each valued at USD 200k, with an annual return of 6.37%. Settlement is scheduled for Wednesday, 27 November. <\/p>\n

ADVISORS- Our friends at HSBC <\/strong>are acting as<\/a><\/strong> joint lead managers and bookrunners on <\/strong>the <\/strong>transaction<\/strong>, along with Alistithmar for Financial Securities and Brokerage, Citigroup Global Markets, J.P. Morgan Securities, Goldman Sachs, MUFG Securities EMEA plc, Arqaam Capital, and Standard Chartered.<\/p>\n

\n

\n

Saudi Awwal Bank (SAB) is mulling a SAR-denominated Additional Tier 1 Sukuk via <\/strong>private placement under its SAR 20 bn issuance program<\/strong>, according to a disclosure to Tadawul<\/a>. The proceeds will go to supporting SAB\u2019s capital base and long-term strategic objectives. The offer, which is pending regulatory approval, will be priced and structured based on market conditions. HSBC Saudi Arabia was tapped as the lead manager for the issuance.<\/p>\n","protected":false},"excerpt":{"rendered":"

SNB\u2019s sukuk offering wrapped up last Thursday<\/p>\n","protected":false},"author":1,"featured_media":91836,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[57,10,76,859,75,118],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-ksa","tag-saudi-awwal-bank","tag-saudi-investment-bank","tag-saudi-national-bank","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"3a96ac8c-9c8c-4ddc-83e2-479ba8e40e5a","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/180.jpg","photo_position":"above","homepage_title":"","full_issue_title":"A flurry of debt news from SNB + SAIB + SAB","related_issue":[91823],"teaser":"SNB\u2019s sukuk offering wrapped up last Thursday","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.ad173d52-2de7-4fa9-a4c3-6df1cc8dc709.mp3"},"yoast_head":"\nA flurry of debt news from SNB + SAIB + SAB - 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