NCB completes Saudi Arabia’s largest sukuk issue

February 24, 2014 1:52 am


Saudi Arabia’s National Commercial Bank (NCB) has said it has successfully placed its SR5bn, 10 non-call five-year subordinated Tier II capital sukuk offering, Arab News has reported. The issue marks “the largest issuance by a financial institution in Saudi Arabia and the largest ever subordinated debt instrument issued by a financial institution in the Mena region,” said the kingdom’s biggest lender. HSBC Saudi Arabia acted as a lead coordinator, and GIB Capital, HSBC Saudi Arabia, JP Morgan Saudi Arabia and NCB Capital acted as joint lead managers and joint bookrunners, the NCB said.

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