SNB plans to fully redeem SAR 4.2B Tier 1 sukuk

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Saudi National Bank (SNB) plans to redeem SAR 4.2 billion Tier 1 sukuk in full, at par value (100% of issue price) on June 30, 2025, the fifth anniversary of the issue, according to a Tadawul statement.

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The sukuk was issued on June 30, 2020 for an aggregate value of SAR 4.2 billion, in accordance with the relevant terms and conditions, and the regulatory approval was obtained in this regard.

The number of redeemed sukuk reaches 4,200, based on the minimum denomination and total size, the statement noted, adding that the par value at redemption date amounts to SAR 1 million.

SNB Capital is the payment administrator and sukukholder agent.

The redemption amount, together with any periodic distribution accrued but unpaid, will be paid by or on behalf of SNB on June 30, 2025 to the relevant sukukholders in accordance with the relevant terms and conditions.