SNB Completes Additional Tier 1 Sukuk Issuance Worth SAR 1.7 Billion

Saudi National Bank (SNB) announced the completion of its SAR 1.7 billion Additional Tier 1 Sukuk issuance, denominated in Saudi Riyals. The Sukuk will be settled on June 3, 2025.

The bank explained that the total number of Sukuks was 1,730 (based on the minimum tier and total issue size), with a nominal value of SAR 1 million.

The Sukuk yield is 6.00% per annum from the issuance date (including that date) until June 3, 2030 (excluding that date).

If the Sukuk are not redeemed or purchased and subsequently cancelled in accordance with the Sukuk Terms and Conditions on or before December 3, 2030, the Sukuk yield will be reset on that date and every five years thereafter, as detailed in the Master Term Sheet relating to the Sukuk. According to the statement published on Tadawul, the sukuk will have a continuous maturity period, subject to the possibility of early redemption on the redemption date or as specified in the terms and conditions.

It is worth noting that early redemption of sukuk is permitted in certain circumstances specified in the sukuk offering documents.