DUBAI, Jan 22 (Reuters) - Saudi lender Samba Financial Group plans to raise $500 million in seven-year bonds, a document seen by Reuters showed on Wednesday.
The bank, which ranks behind National Commercial Bank and Al Rajhi Bank, among the biggest Saudi lenders by total assets, has hired Citigroup and Standard Chartered to arrange the debt sale, which is expected to close later on Wednesday.
The notes were marketed with an initial price guidance of 160 basis points over mid-swap, according to the document issued by one of the banks leading the deal.
The issue follows Saudi Arabia’s $5 billion bond issuance on Tuesday, which saw hefty demand despite a recent rise in political tensions in the Gulf. (Reporting by Davide Barbuscia, editing by Louise Heavens)