SNB completes SAR 3.3 bln Additional Tier 1 sukuk issuance

15/09/2022 Argaam

Logo of Saudi National Bank (SNB)

Saudi National Bank (SNB) completed the issuance of SAR-denominated Additional Tier 1 (AT-1) sukuk, to be settled today, Sept. 15.

 

In a bourse statement, the lender said the issuance was valued at SAR 3.3 billion, with 3,300 sukuk traded, based on the minimum denomination and total issue size. Nominal value was SAR 1 million per sakk.

 

Returns came in at a fixed rate of 5% annually from the issuance date to (but excluding) Sept. 15, 2027 (reset date). The return date shall thereafter reset on the reset date and every five years.

 

Maturity period is perpetual, with some redemption rights subject to the terms and conditions of the certificates. The sukuk may be redeemed by SNB in certain cases as detailed in the offering circular.

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