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Saudi National Bank, rated Aa3 by S&P and A/A by Fitch, has mandated a dollar-denominated Additional Tier 1 perpetual, non-call 5.5-year bond.
The issuance will come under the bank’s $5 billion AT1 Capital Note Programme.
SNB, the kingdom’s largest bank by assets, has mandated Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd, Emirates NBD Bank, Goldman Sachs International, HSBC Bank, Mashreqbank, SNB Capital Company and Standard Chartered Bank as joint lead managers and bookrunners.
Investor calls and a roadshow are expected to commence Wednesday.
SNB said the notes will help improve its Tier 1 Capital, with funds to be used for general corporate purposes and to fulfil its financial and strategic objectives.
(Writing by Bindu Rai, editing by Seban Scaria)
