Chicago, Oct. 22 – Arab National Bank completed its offering for $750 million of a 10-year sukuk (Baa3//BBB-), according to an announcement on the Saudi Stock Exchange.
The initial coupon rate for the notes is 3.326% and resets on Oct. 28, 2025, the reset date.
The notes, issued by special purpose vehicle ANB Sukuk Ltd., are non-callable for the first five years.
A source mentioned that the deal size was expected to be $500 million.
The Regulation S notes will be listed on the London Stock Exchange.
J.P. Morgan Securities plc, HSBC and Arab National Investment Co. JSC are managers of the offering.
The lender is based in Riyadh, Saudi Arabia.
| Issuer: | ANB Sukuk Ltd.
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| Guarantor: | Arab National Bank
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| Issue: | Sukuk
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| Amount: | $750 million
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| Maturity: | Oct. 28, 2030
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| Bookrunners: | J.P. Morgan Securities plc, HSBC and Arab National Investment Co. JSC
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| Coupon: | 3.326% initial rate, resets on Oct. 28, 2025
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| Price: | Par
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| Yield: | 3.326%
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| Call option: | Callable on Oct. 28, 2025
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| Pricing date: | Oct. 21
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| Settlement date: | Oct. 28
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Distribution: | Regulation S
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