SNB Plans USD-Denominated Tier 2 Capital Issuance Under EMTN Programme

Saudi National Bank (SNB) announced its intention to issue additional Tier 2 capital instruments denominated in U.S. dollars under its Euro Medium-Term Note (EMTN) programme.

According to a statement published on the Saudi Exchange (Tadawul), the issuance will be executed through a special purpose vehicle and offered to qualified investors both inside and outside the Kingdom.

The bank stated that the size and terms of the issuance will be determined at a later date, subject to prevailing market conditions.

SNB has appointed Abu Dhabi Commercial Bank PJSC, DBS Bank Ltd., Emirates NBD PJSC, Goldman Sachs International, HSBC Bank PLC, JPMorgan Securities PLC, Mashreqbank PSC, Mizuho International PLC, SNB Capital, SMBC Bank International PLC, and Standard Chartered Bank PJSC as Joint Lead Managers and Joint Bookrunners.

Proceeds from the issuance will be used to enhance SNB’s Tier 2 capital base and to support its general corporate purposes and strategic initiatives.

The offering is subject to regulatory approvals and will be conducted in line with applicable laws and regulations.