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Bond Market News
Saudi Banks Report Strong Q2 Results; View Popular Saudi Bank Dollar Bonds
Saudi Arabia’s banks reported strong Q2 results with the sector recording an 18% YoY increase in net profit to SAR 22.9bn ($6.1bn) in the quarter, surpassing expectations, with Al Rajhi Bank and Saudi National Bank driving earnings growth. Lending expanded 16% YoY, outpacing deposits and pushing the loan-to-deposit ratio to 106%, supported by Riyad Bank, Saudi Awwal Bank (SAB), Alinma, and Al Rajhi. However, net interest margins narrowed due to tighter liquidity and heightened competition in corporate lending. Guidance for 2025 was mixed, as six of nine banks lowered their NIM outlook, citing tighter liquidity, fewer-than-expected rate cuts, and rising competition. Most banks anticipate one or two rate cuts by year-end and are diversifying funding through debt, while shifting focus from loan growth to profitability.
This year, several Saudi banks have been active in issuing dollar bonds. Examples include 10-year bond issuances from Saudi National Bank and Riyad Bank, as well as AT1 issuances from Al Rajhi, Saudi Fransi, Alinma, and SAB. We have put together a list of Saudi bank dollar bonds that are popularly traded on our platform.
| Bank AT1 Bonds | ||||||
| Bond | Next Call Date | Composite Bond Rating | Coupon Reset | Price | YTM | YTC |
| Albilad 6.500% Perp | 21-Nov-30 | – | 5Y UST+235.9bp | 100.9 | 6.3% | 6.3% |
| Riyad 4.000% Perp | 16-Feb-27 | – | 5Y UST+217bp | 97.0 | 6.0% | 6.1% |
| Fransi 6.375% Perp | 07-Nov-30 | – | 6Y UST+252bp | 101.1 | 6.1% | 6.1% |
| Awwal 6.500% Perp | 21-May-30 | – | 5Y UST+230.2bp | 101.8 | 6.1% | 6.1% |
| Alinma 6.500% Perp | 28-May-30 | – | 5Y UST+236bp | 102.1 | 6.0% | 6.0% |
| NCB 3.500% Perp | 26-Jul-26 | – | 5Y UST+288.9bp | 97.8 | 6.7% | 6.0% |
| Al Rajhi 6.250% Perp | 21-Jul-30 | Baa3 | 6Y UST+159.4bp | 102.1 | 5.6% | 5.7% |
| Al Rajhi 6.375% Perp | 16-May-29 | Baa3 | 5Y UST+188.8bp | 102.5 | 5.7% | 5.6% |
| Bank Tier 2 Bonds | ||||||
| Riyad 6.209% 2035 | 14-Jul-30 | Baa3 | 5Y UST+225bp | 101.9 | 5.9% | 5.7% |
| SNB 6.000% 2035 | 24-Jun-30 | BBB | 5Y UST+200bp | 102.6 | 5.6% | 5.4% |
| ANB 3.326% 2030 | 28-Oct-25 | Baa3 | 5Y UST+297.4bp | 99.8 | 6.7% | 4.6% |
| Bank Senior Bonds | ||||||
| Gaci 5.125% 2053 | 14-Aug-52 | A+ | – | 88.7 | 6.0% | 6.0% |
| Al Rajhi 4.865% 2030 | – | Aa3 | – | 100.9 | 4.7% | 4.7% |
| Fransi 5.375% 2030 | – | A- | – | 103.1 | 4.6% | 4.6% |
| Fransi 4.750% 2028 | – | A- | – | 100.4 | 4.6% | 4.6% |
| Fransi 5.000% 2029 | – | A- | – | 101.4 | 4.6% | 4.6% |
| Al Rajhi 5.047% 2029 | – | A- | – | 101.7 | 4.5% | 4.5% |
| Al Rajhi 4.750% 2028 | – | A- | – | 100.6 | 4.5% | 4.5% |
| SNB 5.129% 2029 | – | A- | – | 102.0 | 4.5% | 4.5% |
| SNB 2.342% 2027 | – | A- | – | 97.4 | 4.2% | 4.2% |
| Gaci 5.000% 2027 | 13-Sep-27 | A+ | – | 101.6 | 4.2% | 4.2% |
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