Saudi National Bank (SNB), via SNB Funding Limited, has priced a 425 million Singapore dollar 10-year non-call 5 Tier 2 benchmark bond under its EMTN programme.

The Reg S issuance has a coupon of 3.40%, tightening from initial price guidance in the 3.70% area. The spread was Singapore Overnight Rate Average (SORA) plus 171.7 basis points.  

Books were over SGD1 billion (including SGD50 million JLM interest). Investors from Singapore accounted for 93% of the buyers.  

The bonds will be listed on London Stock Exchange’s ISM.

Standard Chartered was the bookrunner and dealer.

(Writing by Brinda Darasha; editing by Seban Scaria)  

brinda.darasha@lseg.com