billion10 non-call 5 year subordinated Tier II capital Sukuk offering,
According to the Saudi-based newspaper, this issuance is the largest by a
financial institution in Saudi Arabia and the largest ever subordinated
debt instrument issued by a financial institution in the MENA region.
The transaction represents NCB's debut local Saudi riyal issuance and its
inaugural Tier II capital offering.
success of this issuance and would like to thank the investor community
for their trust and confidence in the NCB franchise."
Overwhelming interest from the investor community generated a 2.1x
oversubscribed order book exceeding the initial target issuance size of
SR4.0 billion, allowing the transaction to be upsized to SR 5.0 billion
without impacting the final pricing of the Sukuk.
NCB's issuance was
priced at 6-month SIBOR+110bps. Proceeds will be used to further support
NCB's growth plans.;
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