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Saudi National Bank (SNB) completed the issuance of $850 million worth of US dollar-denominated senior unsecured sukuk.
The total number of sukuk reached 4,250 with an estimated return of 5.129 per year, the bank said in a statement to Tadawul.
The settlement of sukuk issuance will be on Feb. 27.
Below are the details of the Sukuk issuance:
Sukuk Issuance Details
Issuance Type
US dollar-denominated senior-unsecured sukuk
Offer Value
$850 million
Start Date of Offering
Feb. 20, 2024
End Date of Offering
Feb. 21, 2024
Targeted Investors
Qualified investors within and outside Saudi Arabia
Lead Managers & Bookrunners
Emirates NBD, Dubai Islamic Bank, Goldman Sachs International, HSBC Bank, Mizuho International, SNB Capital and Standard Chartered
Minimum Subscription
$200,000, with increments of $1,000
No. of Sukuk
4,250 based on the minimum denomination and total issue size
Par Value
$200,000
Return
5.129 annually
Maturity Period
5 years
Redemption Conditions
Sukuk may be redeemed before the scheduled maturity date under certain conditions as detailed in the offering circular.
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