Saudi National Bank Prepares for Inaugural Sustainable Sukuk Issuance

Saudi National Bank (SNB), the country’s largest lender, has appointed several banks to arrange the sale of its first US dollar-denominated sustainable Sukuk with a maturity period of five years. The offering size remains undetermined but is anticipated to be of a benchmark size, which typically amounts to at least USD 500 million, according to an investor presentation by the bank.

Why it Matters?

Proceeds from the offering will be utilised to finance projects for the development of renewable energy-generating facilities and for financing related to tree planting projects.

Details

The Sukuk offering will be subject to market conditions.HSBC will act as the sole environmental, social and governance (ESG) structuri...