Riyadh - Mubasher: Saudi National Bank (SNB) intends to fully redeem its SAR 4.20 billion Tier 1 capital Sukuk on its fifth anniversary, 30 June 2025.

The Sukuk, which was issued on 30 June 2020, will be fully redeemed per the offering’s terms and conditions, according to a bourse filing.

A total of 4,200 Islamic bonds will be redeemed, each valued at SAR 1 million.

Meanwhile, SNB Capital Company will serve as the payment administrator and Sukukholders' agent.

This issuance followed SNB’s offering of USD-denominated Tier 2 capital notes, which was completed at a total value of $1.25 billion, as per another bourse disclosure.

Based on the minimum denomination and total issue size, a total of 6,250 notes were offered at a par value of $200,000. The offering, which commenced on 17 June, held an annual return of 6% and maturing in 10 years with a call option of five years.