Saudi Arabia’s Samba Financial Group plans to offer notes under its $5 billion Euro Medium Term Note Programme.

The notes will be issued via a special purpose vehicle (SPV) and Samba will start investor meetings regarding the notes issuance from Tuesday, September17, the bank said in a statement. The offer is expected to be in US dollars.

The bank has mandated First Abu Dhabi Bank, Goldman Sachs International, HSBC, Samba Capital & Investment Management Company and Standard Chartered Bank as joint lead managers for the proposed offer.

The issuance amount will be determined subject to market conditions, Samba said.

Reuters reported earlier in September that Saudi Arabia intends to list 1 percent of Saudi Aramco on Tadawul before the end of 2019 and another 1 percent in 2020, citing sources, and that Samba is expected to be one of the banks managing the transaction.

The bank’s shares were trading at 0.54 percent lower on Tuesday by 11:15 GST. Samba’s shares dropped 12.10 percent so far since the start of 2019.

Samba reported a 24.84 percent drop in Q2 2019 net profit to 935 million Saudi riyals, down from 1.24 billion riyals in Q2 2018.

(Writing by Gerard Aoun, editing by Seban Scaria)

(gerard.aoun@refinitiv.com) 

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