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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