{"id":91400,"date":"2024-11-11T00:00:00","date_gmt":"2024-11-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/11\/snb-kicks-off-sar-denominated-at1-sukuk-sale\/"},"modified":"2024-11-11T00:00:00","modified_gmt":"2024-11-11T00:00:00","slug":"snb-kicks-off-sar-denominated-at1-sukuk-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/11\/snb-kicks-off-sar-denominated-at1-sukuk-sale\/","title":{"rendered":"SNB kicks off SAR-denominated AT1 sukuk sale"},"content":{"rendered":"

Saudi National Bank (SNB) launched <\/strong>a SAR-denominated Additional Tier 1<\/strong> (AT1) <\/strong>sukuk sale<\/strong>, it said in a disclosure to Tadawul<\/a>. The offering \u2014 which opened yesterday and will run until Thursday, 21 November \u2014 is open to both institutional and qualified retail investors. Proceeds of the offering will go towards strengthening the bank\u2019s local currency capital base<\/a>.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

What we know: <\/strong>The minimum buy-in stands at SAR 1 mn per sukuk, with the total size of the issuance and its terms subject to market conditions. The offering is perpetual, meaning there is no fixed maturity date, though redemption can occur under specific conditions defined in the term sheet. <\/p>\n

Uh, Enterprise, what are <\/strong>AT1 bonds<\/strong>?<\/strong> They\u2019re a common way banks raise core tier-one capital without diluting shareholders by raising equity. Additional tier one certificates (or just \u201cAT1 certificates\u201d) are a form of subordinated debt \u2014 they rank behind other types of bank debt in case of liquidation. That makes them riskier than senior debt, but still prioritizes them above equity holders. They pay interest in much the same way as a bond does, but usually can be converted into equity in some circumstances.<\/p>\n

ADVISORS- SNB Capital <\/strong>will be quarterbacking the potential offer as the sole bookrunner, lead arranger, and lead manager.<\/p>\n","protected":false},"excerpt":{"rendered":"

Minimum subscription is set at SAR 1 mn<\/p>\n","protected":false},"author":1,"featured_media":91401,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[57,10,75,118],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-ksa","tag-saudi-national-bank","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"d691dab8-be4f-497a-a743-2855de29ad7f","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/180.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SNB kicks off SAR-denominated AT1 sukuk sale","related_issue":[91391],"teaser":"Minimum subscription is set at SAR 1 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.4a4fe3b8-079a-451e-8264-6c74fe9c0aa3.mp3"},"yoast_head":"\nSNB kicks off SAR-denominated AT1 sukuk sale - 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