Saudi National Bank Announces Offering Dollar-Denominated Sukuks

Saudi National Bank announced today, Tuesday, that it started offering unsecured priority sukuks denominated in US dollars, with the offering ending tomorrow, Wednesday, when the final value and conditions for offering the sukuks will be determined based on market conditions.

The bank’s management said in a statement today on Tadawul that the target group is qualified investors in the Kingdom and abroad.

It explained that the bank appointed Emirates NBD Bank PJSC, Dubai Islamic Bank PJSC, Goldman Sachs International, HSBC Bank plc, Mizuho International plc, SNB Capital Company and Standard Chartered Company as Joint Lead Managers & Bookrunners in relation to the potential offering.

It further confirmed that the minimum subscription is $200,000, in increments of $1,000, while the offering price (instrument/bond) and the return from it will be determined according to market conditions and the maturity period is 5 years, and the nominal value will be $200,000.

Moreover, Sukuks may be redeened before their maturity period in certain cases specified in the offering documents for the Sukuks.

Additional information:

This announcement does not constitute an invitation or offer to buy, own or subscribe for any securities, and is subject to the terms and conditions of the instruments. The bank will announce any other material developments in a timely manner in accordance with the relevant laws and regulations.

It should be noted that the Sukuk will be listed on London Stock Exchange’s International Securities Market, and may be sold under Regulation S of the US Securities Act, as amended. The end date of the offering referred to above is an expected date and is subject to market conditions.

With reference to the announcement from The Saudi National Bank published on the website of the Saudi Exchange on 09/08/1445H (corresponding to 19/02/2024) regarding its intention to issue U.S. dollar denominated Sukuk through a special purpose vehicle and offering it to eligible investors in the Kingdom of Saudi Arabia and internationally.