NCB sells AT1, market anticipates govvie deal

By Mariam Meskin
21 Jan 2021

Saudi Arabia’s National Commercial Bank sold an additional tier one bond this week. Some see the trade from the kingdom’s largest financial institution as a prelude to a bond sale by the sovereign, which could happen next week.

NCB, rated  A1/BBB+/A-, sold a 3.5% $1.25bn Reg S Basel III-compliant AT1 bond on Wednesday with a perpetual non-call six year structure. 

The bond was priced at 288.9bp over US Treasuries.

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

“NCB was the first ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial