SNB to issue additional Tier 2 debt instruments denominated in dollars

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

SNB explained that the issuance will be conducted through a special purpose vehicle and offered to qualified investors inside and outside the Kingdom of Saudi Arabia.

According to a statement published on Tadawul, the value and terms of the debt offering will be determined later based on market conditions.

National Commercial Bank PJSC, DBS Bank Ltd., Emirates NBD PJSC, Goldman Sachs International, HSBC Bank PLC, JPMorgan Securities PLC, Mashreqbank PJSC, Mizuho International PLC, NCB Capital, SMBC Bank International PLC, and Standard Chartered Bank PJSC have jointly appointed them as Joint Lead Managers and Bookrunners in connection with the proposed offering. According to the bank, the objective of this offering is to enhance Tier 2 capital for SNB’s general commercial purposes and to meet its financial and strategic objectives. It is worth noting that the proposed debt offering is subject to regulatory approval, where applicable, and will be conducted in accordance with relevant laws and regulations.