National Commercial Bank (NCB)has staged the first drawdown in its euro medium-term note (EMTN) programme. The $700 million issue was lead managed by Deutsche Bankand UBS. The coupon on the five-year paper was 32 basis points (bp) over Libor and the issue price was 99.866 per cent, giving a margin of 35 bp. The total size of the programme will be $1,500 million. Fitch has assigned the notes a long-term A and a short-term F1 rating.
A number of other EMTNs are in the pipeline. Samba Financial Grouphas mandated Deutsche Bank and Citigroupto arrange a programme, while Riyad Bankhas appointed Bank of Americaand JP Morgan. Arab Banking Corporation and Bank of Bahrain & Kuwait are also planning issues (MEED 26:8:05). Saudi British Bankwas the first local bank to issue an international bond. The bank's $600 million, debut international bond, which is structured as a floating rate note with a five-year maturity, was the inaugural issue under the bank's new EMTN programme.
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