Samba completes $500 mln USD-denominated bond issue

Samba Financial Group (Samba) announced on Thursday that it has finalized the offering of $500 million USD-denominated international bond under its $5-billion Euro Medium-Term Note (EMTN) program.

There are 2,500 bonds, at a nominal value of $200,000, issued at a discount of $99.818, according to Samba’ statement to Tadawul.

The bond’s return stands at 2.9% with a yield of 2.929% per annum. The settlement will take place on Jan. 29, 2020.

Bonds are expected to mature in seven years, and will be redeemed on the scheduled maturity date. However, they may be subject to early redemption at the option of Samba upon the occurrence of a tax event, the bank clarified.

Bonds will be listed on the Irish Stock Exchange plc trading as Euronext Dublin (Euronext Dublin).

According to data compiled by Argaam, Samba recently announced its intention to offer bonds under its $5 billion EMTN program establish on July 15, 2019, noting that bonds value will be determined according to market conditions.