Riyadh – Mubasher: Saudi National Bank (SNB) unveiled a plan to issue USD-denominated senior unsecured Sukuk under its updated international Sukuk programme, which was launched in December 2023.
The planned sukuk are set to be issued through a special purpose vehicle and offered to eligible local and international investors, according to a bourse filing.
Proceeds from the sukuk issuance are set to be used for general corporate purposes and to help achieve SNB’s financial and strategic objectives.
The Tadawul-listed bank noted that the amount and terms of the sukuk offering will be determined later based on market conditions.
SNB mandated Emirates NBD Bank, Dubai Islamic Bank, Goldman Sachs International, HSBC Bank, Mizuho International, SNB Capital Company, and Standard Chartered Bank as joint lead managers and bookrunners for the planned issuance.
In September 2022, SNB closed the offering of SAR 3.30 billion Additional Tier 1 Sukuk.
It is worth mentioning that the bank reported a net profit of SAR 20.01 billion in 2023, up 7.69% from SAR 18.58 billion in 2022.
