Saudi Awwal Bank to Issue New Green Bonds in US Dollars
Saudi Awwal Bank (SAB) said on Monday that it plans to issue US dollar–denominated Tier 2 green bonds as part of its $5 billion medium-term note program, according to a filing on the Saudi Exchange.
Details of the plan
The bank said the money raised will help strengthen its Tier 2 capital, support general corporate needs, and meet its financial and strategic goals.
The size and terms of the issue will be set later, depending on market conditions. A Zawya report said the planned bonds will be 10-year, US dollar–denominated green notes that cannot be called (redeemed) before five years.
Investor meetings for the offering began Monday.
SAB has appointed several banks as joint lead managers, including HSBC, Goldman Sachs, Abu Dhabi Commercial Bank, Citigroup, DBS, Emirates NBD, Mashreq, Mizuho, and Société Générale. HSBC and Goldman Sachs will also act as joint global coordinators.
Earlier Sukuk issue
In July, SAB completed a $533 million (SAR 2 billion) sukuk issue. It sold 2,000 bonds, each worth SAR 1 million ($266,515), paying 6.3% interest per year. HSBC Saudi Arabia was the sole lead manager for that sukuk.
Also in July, SAB said it would redeem its $1.3 billion (SAR 5 billion) Tier 2 sukuk issued in 2020, after 5 years.
Financial results
For the first half of the year, SAB reported net revenue of $1.13 billion (SAR 4.2 billion), up 5% from last year. Total operating income rose 6% to $1.9 billion (SAR 7.3 billion).
The bank said these results show steady growth and progress in its strategic transformation.
Published: 26th August 2025
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