Spreads set for Saudi National Bank's USD T2 notes as books near $4bln
Saudi National Bank's US dollar-denominated fixed rate tier 2 capital notes have spread set at US Treasury plus 200 basis points (bps), tighter than Initial price thoughts (IPTs) in the UST + 235 bps area.
Books are currently over $3.9 billion (excluding JLM interest).
The Reg S 10-year non-call 5 notes are being issued under the bank's $10 billion Euro medium Term Note programme.
The issuer is SNB Funding Ltd. with Saudi National Bank the guarantor.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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