Saudi Arabia: Saudi Arabia’s Tadawul All Share Index fell on Wednesday, dropping 66.29 points, or 0.61 percent, to close at 10,808.45.

Total trading turnover reached SR4 billion ($1.07 billion), with 197.81 million shares exchanged. Of the traded stocks, 93 advanced while 154 declined.

The MSCI Tadawul 30 Index lost 10.53 points, or 0.75 percent, to settle at 1,393.71. 

The parallel Nomu market also ended lower, slipping 2.46 points, or 0.01 percent, to 26,181.58, with 37 gainers and 40 losers.

The day’s top performer was Saudi Industrial Investment Group, which gained 4.95 percent to close at SR19.29. 

Other strong gainers included Filing and Packing Materials Manufacturing Co., up 4.61 percent at SR34.94; Seera Group Holding, rising 3.58 percent to SR28.90; and Etihad Atheeb Telecommunication Co., which climbed 3.40 percent to SR106.50. Saudi Kayan Petrochemical Co. also rose 2.52 percent to SR5.29. 

Leading decliners were SAL Saudi Logistics Services Co., down 4.44 percent to SR172.00, followed by Saudi Investment Bank, which fell 3.34 percent to SR13.60. Banque Saudi Fransi dropped 3.17 percent to SR16.20, while Riyad Bank declined 2.98 percent to SR26.02.

On the announcement front, Saudi Awwal Bank confirmed the commencement of its offer to issue US dollar-denominated Tier 2 Capital Green Notes under its Medium Term Note Program, according to a statement published on the Saudi Exchange.

The bank, which had earlier disclosed its intention to proceed with the issuance on Aug. 25, said the offering began on Aug. 27 and will close on Aug. 28. The initiative targets eligible investors both in Saudi Arabia and internationally.

The final value and terms of the notes will be determined based on prevailing market conditions. The minimum subscription has been set at $200,000, with additional increments of $1,000. The notes, which mature after 10 years, include a callable feature after five years, providing the bank with flexibility depending on funding needs and market conditions.

Saudi Awwal Bank has appointed a consortium of global and regional financial institutions as joint lead managers to oversee the offering and issuance of the notes. These include HSBC Bank plc, Goldman Sachs International, Abu Dhabi Commercial Bank PJSC, Citigroup Global Markets Ltd., and DBS Bank Ltd.

Other joint lead managers are Emirates NBD Bank P.J.S.C., Mashreqbank PSC, Mizuho International plc, and Societe Generale.

The final offer price and expected return on the notes will be determined later, in line with market movements and investor demand. 

Saudi Awwal Bank’s share price fell 1.24 percent to close at SR30.32.

Alinma Bank also announced the start of its US dollar-denominated Sustainable Additional Tier 1 Capital Certificates offering under its Additional Tier 1 Capital Certificate Issuance Programme, according to a statement on the Saudi Exchange.

The bank had previously disclosed its intention to proceed on Aug. 25. The offering, which began on Aug. 27, is set to close on Aug. 28, targeting eligible investors in Saudi Arabia and internationally. The final value and terms of the certificates will be determined based on market conditions at the time of issuance.

The minimum subscription is $200,000, with additional investments accepted in increments of $1,000. The issuance is being executed through a special purpose vehicle.

Alinma Bank has appointed a group of leading regional and international financial institutions as joint lead managers, including Abu Dhabi Islamic Bank PJSC, Alinma Capital Co., Dubai Islamic Bank PJSC, and Emirates NBD Bank P.J.S.C.

Other joint lead managers are Goldman Sachs International, J.P. Morgan Securities plc, and Standard Chartered Bank.