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Initial price thoughts (IPTs) for Saudi National Bank’s US dollar-denominated fixed rate tier 2 capital notes are in the US Treasury plus 235 basis points area.
The Reg S 10-year non-call 5 notes are being issued under the bank’s $10 billion Euro medium Term Note programme.
The issuer is SNB Funding Ltd. with Saudi National Bank the guarantor.
Books, which opened today, are over $2 billion (excluding JLM interest).
(Writing by Brinda Darasha; editing by Seban Scaria)
