Riyadh - Mubasher: The Saudi National Bank (SNB) commenced the offering of its USD-denominated Tier 2 capital notes, on 17 June, for eligible investors in the Kingdom and globally.
Issued under the Euro Medium Term Note (EMTN) program, the offering’s price will be determined subject to market conditions, according to a bourse filing.
The minimum subscription was set at $200,000, with increments of $1,000 thereafter. The offering will have a maturity of 10 years and is callable after five years, with a par value of $200,000.
Meanwhile, the notes may be redeemed in certain cases as detailed in the offering circular in relation to the issuance.
The lender has appointed a consortium of leading financial institutions to act as joint lead managers and joint bookrunners for the proposed offering.
The mandated banks include ADCB, DBS, Emirates NBD, Goldman Sachs, HSBC, J.P. Morgan, Mashreq, Mizuho, SNB Capital, SMBC, and Standard Chartered.
On 12 June, SNB announced the offering to boost its financial as well as strategic goals.
