Riyadh – Mubasher: The Saudi National Bank (SNB) has officially announced its intention to fully redeem its $1.25 billion Additional Tier 1 (AT1) Sukuk.

According to a regulatory filing on the Saudi Exchange (Tadawul), the bank plans to exercise its right to call the instruments on 26 July 2026, which marks the first call date for the issuance. This move follows the bank’s receipt of all necessary approvals from regulatory authorities to proceed with the early redemption.

The Sukuk, which was originally issued on 26 January 2021, represents a significant component of the bank’s Tier 1 capital structure. The redemption will be conducted in accordance with Condition 10.1 (b) of the terms and conditions governing the issuance.

SNB confirmed that the redemption price will be equivalent to 100 percent of the remaining nominal value of the Sukuk, in addition to any periodic distribution amounts due up to the call date.

The total number of units to be redeemed is 6,250, based on a minimum denomination and nominal value of $200,000 per Sukuk. Upon the completion of this process, the total outstanding value of this specific issuance will be reduced to zero.

The bank has scheduled the cessation of trading for these instruments to coincide with the redemption date of July 26, 2026.

Following the redemption, the funds are expected to be deposited into the accounts of Sukuk holders on 27 July 2026. Citibank N.A., London Branch, is acting as the principal paying agent and the sukukholders' delegate for the transaction.

The bank has advised that any inquiries regarding the payment process should be directed to the designated contact points at Citibank or through the bank’s own investor relations department.

This planned redemption reflects the bank's proactive management of its capital instruments and its commitment to the contractual terms established at the time of issuance in 2021.

By exercising the call option on the first available date, SNB continues to align its capital base with its long-term financial strategy and regulatory requirements.

The transaction underscores the bank's liquidity position and its ability to meet substantial international financial obligations within the framework of the global debt capital markets.