Logo of Saudi National Bank (SNB)

Saudi National Bank (SNB) announced completing the issuance of SAR-denominated additional Tier 1 sukuk worth SAR 6 billion.

 

The sukuk issue will be settled today, Nov. 21, the lender said in a statement to Tadawul.

 

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Sukuk Issue Details

Offer Type

SAR-denominated additional Tier 1 sukuk

Offer Value

SAR 6 billion

Number of Sukuk

6,000 (based on the minimum denomination and total issue size)

Par Value

SAR 1 mln per certificate

Return 

6% per annum from (and including) the issue date up to (but excluding) Nov. 21, 2029. If the sukuk are not redeemed or purchased and cancelled in accordance with the relevant terms and on or prior to May 21, 2030, the return will then be reset on such date and every five years thereafter as detailed in the sukuk term sheet.

 Maturity 

Perpetual (subject to early redemption on a call date or as otherwise specified in the terms and conditions).

Terms of Redemption

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

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