The Saudi National Bank has announced the launch of a private placement of Additional Tier 1 (AT1) sukuk denominated in Saudi riyals within the Kingdom.
In a statement to the Tadawul stock exchange, the bank revealed that the final value and terms of the sukuk will be determined later based on market conditions.
The placement will commence on 16 January 2025 and conclude on 27 January 2025.
The sukuk will be targeted at institutional and qualified clients in accordance with the Capital Market Authority's securities offering and continuous obligations rules.
HSBC Saudi Arabia and Alawwal Capital have been appointed as placement managers.
Key details of the offering include a minimum subscription of SAR1mn, with pricing and yield to be determined based on market conditions.
The sukuk are perpetual, subject to early redemption at specified call dates as detailed in the offering documents.
The bank noted that the announced end date is expected and subject to market conditions. This announcement does not constitute an invitation or offer to purchase or subscribe to any securities.
The placement is part of the bank's SAR11.25bn Additional Tier 1 sukuk programme, continuing its strategic financial management approach.
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