Saudi’s biggest bank mandates, market awaits sov

AdobeStock_Saudi_bank_575x375_18Jan2021
By Mariam Meskin
18 Jan 2021

Saudi Arabia’s National Commercial Bank (NCB), the largest financial institution in the kingdom, has mandated banks to arrange a tier one dollar sukuk. The deal may act as a prelude to a potential bond sale by the sovereign, which bankers say could happen as early as this week.

NCB, rated A1/BBB+/A-, is seeking a Reg S benchmark dollar Basel III compliant tier one sukuk with a PNC6 structure.

Citi, Emirates NBD Capital, Goldman Sachs, JP Morgan, MUFG, NCB Capital and Standard Chartered are joint lead managers and bookrunners.

Investor calls will start on Monday.

The ...

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