SNB plans to issue USD-denominated AT1 capital notes

SNB plans to issue USD-denominated AT1 capital sukuk

The Saudi National Bank (SNB) plans to issue USD-denominated, additional Tier 1 (AT1) capital notes under its $5 billion international AT1 capital note program, established on Dec 11, 2025.

The size and terms of the issuance will be determined at a later stage, subject to market conditions, the bank said in a statement to Tadawul.

SNB said the issuance aims to strengthen its AT1 capital for general corporate purposes and to support its financial and strategic objectives.

The issuance is expected to be conducted directly by SNB through an offer to qualified investors inside and outside Saudi Arabia, pursuant to a board decision dated Jan. 7. It remains subject to approvals from relevant regulatory authorities, where applicable, and will be carried out in accordance with applicable laws and regulations.

SNB has mandated Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank PJSC, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd, Emirates NBD Bank P.J.S.C., Goldman Sachs International, HSBC Bank plc, Mashreqbank, SNB Capital, and Standard Chartered Bank as joint lead managers and bookrunners in relation to the proposed issuance.