Saudi SNB Taps Debt Market as Lenders Binge on Bonds

Saudi National Bank is tapping investors for a dollar-denominated debt sale, continuing a borrowing spree by the kingdom’s lenders that are helping finance a $2 trillion economic overhaul.

SNB launched the offering of a $1.25 billion Tier 2 note, with a tenor of 10 years and spread of 200 basis points over US Treasuries, according to a person familiar with the matter, who asked not to be identified discussing private information. Order books exceeded $4 billion, the person said.