SNB intends to issue U.S. dollar-denominated senior unsecured Sukuk to meet financial and strategic objectives

The Saudi National Bank (the “SNB”) announced on Monday its intention to issue U.S. Dollar U.S.-denominated sukuk under its updated international Sukuk programme (the “Programme”) on 14/12/2023. The offer is expected to be through a special purpose vehicle and by way of an offer to eligible investors in the Kingdom of Saudi Arabia and internationally (the “Proposed Offer”); this is for general corporate purposes and to fulfil the Bank’s financial and strategic objectives.

The BOD said today on Tadawul that the Bank has mandated Emirates NBD Bank PJSC, Dubai Islamic Bank PJSC, Goldman Sachs International, HSBC Bank plc, Mizuho International plc, SNB Capital Company and Standard Chartered Bank Joint Lead Managers & Bookrunners in relation to the Proposed Offer.

Explained that the amount and terms of the offer of the Sukuk will be determined at a later stage based on market conditions; the offer of the Sukuk will be subject to the approval of the relevant regulatory authorities, as applicable, and will be made in compliance with relevant laws and regulations.