SNB completes $850M USD-denominated sukuk issuance

Logo of Saudi National Bank

Saudi National Bank (SNB)  completed the issuance of $850 million worth of US dollar-denominated senior unsecured sukuk.

 

The total number of sukuk reached 4,250 with an estimated return of 5.129 per year, the bank said in a statement to Tadawul.

 

The settlement of sukuk issuance will be on Feb. 27.

 

Below are the details of the Sukuk issuance:

 

Sukuk Issuance Details

Issuance Type 

US dollar-denominated senior-unsecured sukuk

Offer Value

$850 million

Start Date of Offering

Feb. 20, 2024

End Date of Offering

Feb. 21, 2024

Targeted Investors

Qualified investors within and outside Saudi Arabia

Lead Managers & Bookrunners

Emirates NBD, Dubai Islamic Bank, Goldman Sachs International, HSBC Bank, Mizuho International, SNB Capital and Standard Chartered

Minimum Subscription

$200,000, with increments of $1,000

No. of Sukuk

4,250 based on the minimum denomination and total issue size

Par Value

$200,000

Return

5.129 annually

Maturity Period

5   years

Redemption Conditions

Sukuk may be redeemed before the scheduled maturity date under certain conditions as detailed in the offering circular.

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