SNB intends to issue “Formosa” bonds in standard size

Saudi National Bank “SNB” intends to issue “Formosa” bonds denominated in US dollars, in standard size and for a period of five years, with a periodic return paid quarterly.

The bonds are likely to be priced today, and the issue is expected to be settled on March 17, 2025, with it being listed on the Taipei and London Stock Exchanges.

“Formosa” bonds are bonds offered in the Taiwanese market.

In July 2024, “SNB” became the first Saudi bank to enter the Formosa markets in Taiwan by issuing new “FRN” bonds worth $500 million, with a period of five years, as part of a $5 billion issuance program.

Saudi National Bank explained that it exceeded the expected issue size target of $300 million.

The pricing came at 120 points above “SOFR”, which is the overnight borrowing interest against US Treasury bonds.