Riyadh – Mubasher: Saudi National Bank (SNB) has concluded its offering of 4,250 USD-denominated senior unsecured Sukuk at a value of $850 million.
The sukuk was offered at a par value of $200,000 with an annual return of around 5.13% over a five-year maturity, according to a bourse filing.
SNB announced that the Sukuk will be listed on the London Stock Exchange's International Securities Market.
The bank noted that the settlement of the Sukuk issuance will be on 27 February 2024.
On Monday, SNB announced offering sukuk to local and international investors under its updated international Sukuk programme.
Proceeds from the sukuk issuance were set to be used for general corporate purposes and to help achieve the bank's financial and strategic objectives.
It is worth mentioning that SNB concluded the offering of SAR 3.30 billion Additional Tier 1 Sukuk in September 2022.
The Saudi bank reported a net profit of SAR 20.01 billion last year, 7.69% higher than SAR 18.58 billion in 2022.
