Saudi's NCB tightens guidance for Tier 1 sukuk, orders top $4.8bln - document

NCB is seeking to raise $1bln through the perpetual Islamic bonds

  
A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri

DUBAI- National Commercial Bank, Saudi Arabia's biggest lender, has set the yield for Tier 1 U.S. dollar-denominated sukuk at 3.5%, a document showed on Wednesday, which will be the lowest-ever launch yield for perpetual bonds from the Gulf.

It received over $5.3 billion in orders for the perpetual Islamic bonds, for which it had given initial price guidance of around 4.125% earlier on Wednesday, documents from one of the banks arranging the deal showed.

NCB is seeking to raise $1 billion via the sukuk, two financial sources said. The deal is expected to close later on Wednesday.

(Reporting by Yousef Saba; Editing by Steve Orlofsky) ((Yousef.Saba@thomsonreuters.com; +971562166204))

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