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Saudi National Bank is marketing a Singapore dollar-denominated 10-year non-call five Tier 2 bond. Initial price thoughts are in the 3.7% area.
The Reg S bonds will be issued by its subsidiary SNB Funding.
SNB is Saudi Arabia's largest bank with 25% market share. Public Investment Fund (PIF), the country’s sovereign wealth fund, owns 37.4% stake in the lender.
Standard Chartered is the sole manager and bookrunner.
(Writing by Brinda Darasha; editing by Seban Scaria)
