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.
Related Articles
Iraq’s Central Bank engages Oliver Wyman to advance banking reform strategy
The Central Bank of Iraq (CBI) held talks with global consultancy Oliver Wyman to examine a banking reform plan proposed by the Iraqi Private Banks Association to advance sector modernisation and ... more
Saudi Arabia: SABIC must minimise costs, says corporate finance EVP
SABIC’s EVP for corporate finance Salah al-Hareky has said that the company faces “urgent pressure” to minimise costs following the closure of its UK olefins plant in June and challenges in ... more
Gaza sees 28 children killed daily, UNICEF reports
An average of 28 children are being killed each day in Gaza amid Israel's restrictions on the delivery of humanitarian assistance and a collapse of vital services, the UN Children's Fund said on ... more