Saudi National Bank Completes SAR 3.3 Billion SAR-denominated Sukuk Issuance 

Saudi National Bank (SNB) has announced that it has completed the issuance of SAR 3.3 billion (USD 878 million) additional Tier 1 Perpetual Sukuk denominated in Saudi riyals, in an effort to improve its capital base, as per a bourse filing on the of 15th of September 2022.

Why it Matters?

The offer, which had a par value of SAR 1 million (USD 266,120), began in late August 2022 and comprised a total of 3,300 bonds. The Sukuk are priced at 5%, and if they are not redeemed or purchased by the 15th of September 2027, or earlier, the rate of return will be reset on that date and every five years after that, as stated in the term sheet.

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