SNB plans to issue USD-denominated debt instruments

Saudi National Bank (SNB) announced today, June 12, its intention to issue US dollar-denominated Tier 2 debt instruments under its Euro Medium Term Note (EMTN) program.

The issuance will be through a special purpose vehicle and offered to qualified investors both inside and outside the Kingdom, SNB said in a statement to Tadawul.

SNB said that the value and terms of the offer will be determined subject to the market conditions.

The bank aims to strengthen Tier 2 capital for its general commercial purposes and to meet its financial and strategic goals.

SNB appointed Abu Dhabi Commercial Bank (ADCB), DBS Bank, Emirates NBD (ENBD), Goldman Sachs, HSBC, J.P. Morgan Securities, Mashreqbank, Mizuho International, SNB Capital, SMBC Nikko Capital Markets, and Standard Chartered Bank collectively as joint lead managers and joint bookrunners for the potential offering.

The offer, subject to the approval of relevant regulatory authorities, will be in compliance with the applicable laws and regulations.

This announcement is not intended as an invitation to purchase, acquire, or subscribe to any securities and is subject to the terms and conditions of the notes.

The bank will announce any other relevant material developments to its shareholders in due course as required by the relevant rules and regulations.