Overwhelming interest from the investor community generated a 2.1x oversubscribed orderbook exceeding the initial target issuance size of SR4 billion, allowing the transaction to be upsized to SR5 billion without impacting the final pricing of the sukuk. Setting the lowest funding level ever achieved for a Basel III-compliant Tier II capital transaction in the Kingdom, NCB's issuance was priced at 6-month SIBOR+110bps.
The structure of the sukuk was fully compliant with Basel III guidelines as per
The issuance proceeds will be used to further support NCB's growth plans across the various business segments of the bank.
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