SNB issues SAR-denominated Additional Tier 1 sukuk

Saudi National Bank Tower

Saudi National Bank (SNB) commenced the issuance of SAR-denominated additional Tier 1 (AT-1) sukuk, the lender said in a statement on Tadawul, today, Nov. 10.

 

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The amount and terms of sukuk issuance will be determined based on the market conditions, the statement added.

 

Sukuk Issuance Details

Offer Type

SAR-denominated additional Tier 1 sukuk

Offer Value

To be determined as per market conditions.

Start Date

Nov. 10, 2024

End Date

Nov. 21, 2024

Target Class

Institutional and qualified clients as defined by the Capital Market Authority’s (CMA) regulations

Lead Manager/Bookrunner

SNB Capital Co. will act as the sole bookrunner, lead arranger and lead manager

Minimum Subscription Limit

SAR 1 mln

Offer Price

Subject to market conditions

Par Value

SAR 1 mln

Sukuk Return

Subject to market conditions

Maturity

Perpetual (without a record date)

Terms of Redemption       

The sukuk may be redeemed in certain cases as detailed in the term sheet in relation to the sukuk.
 

The offering end date referred to above is the expected date of the end of the offering, subject to market conditions.

 

This announcement was not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the sukuk. The bank will announce any other relevant material developments in due course as required by the relevant rules and regulations.

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