SNB Announces Launch of US Dollar Debt Instruments

Saudi National Bank (SNB) announced the launch of US dollar-denominated debt instruments under its Euro Medium-Term Note (EMTN) Program. The minimum subscription will be $200,000 in increments of $1,000.

The bank explained in a statement on Tadawul that the target group is qualified investors inside and outside the Kingdom. The final value and terms of the debt instruments offering will be determined based on market conditions.

The bank indicated that it has appointed Abu Dhabi Commercial Bank PJSC, DBS Bank Ltd., Emirates NBD PJSC, Goldman Sachs International, HSBC Bank PLC, JPMorgan Securities PLC, Mashreq Bank PJSC, Mizuho International PLC, NCB Capital, SMBC Bank International PLC, and Standard Chartered Bank as joint lead managers and bookrunners for the potential offering.

The maturity period will be 10 years, redeemable after 5 years. The debt instruments may be redeemed in certain cases, as detailed in the offering memorandum for the debt instruments.