SNB launches USD-denominated sukuk

Logo of Saudi National Bank (SNB)

Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified investors inside and outside Saudi Arabia.

The amount and terms of offer of the sukuk will be determined subject to market conditions, the bank said in a statement to Tadawul.

Below are the details of the Sukuk issuance:

Sukuk Issuance Details
Issuance Type	US dollar-denominated senior-unsecured sukuk
Offer Value	The value and terms of the sukuk will be determined based on market conditions.
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
Offer Price	To be determined based on market conditions
Par Value	$200,000
Sukuk Yield	To be determined based on market conditions
Maturity Period	5 years
Redemption Conditions	Sukuk may be redeemed before the scheduled maturity date under certain conditions as detailed in the offering circular.

This announcement does not constitute an invitation or an offer to buy, own, or subscribe to any securities. It is subject to the sukuk terms and conditions, the bank noted.

The sukuk will be listed on London Stock Exchange's International Securities Market (ISM). The sale of the sukuk is permissible only in accordance with Regulation S of the US Securities Act of 1933, as amended.

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

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