Saudi National Bank Seeks $1 Billion Loan in Middle East Borrowing Rush

Saudi National Bank is seeking a $1 billion five-year loan, with DBS Bank and Mitsubishi UFJ Financial Group as lead arrangers and bookrunners. This is part of a borrowing spree by Saudi lenders to finance a $2 trillion economic overhaul. The loan pays an interest margin of 90 basis points over the Secured Overnight Financing Rate and is targeting lenders globally. This is the latest in a series of funding transactions from the Middle East, which have raised around $13.5 billion via syndicated loans across the Asia Pacific so far this year.