The Saudi National Bank has successfully entered the Taiwanese Formosa market marking the first Saudi bank to ever access this market. The USD 500 million 5-year senior unsecured FRN Bond was issued under its U.S.$5,000,000,000 Euro Medium Term Note Programme. This issuance demonstrates SNB's pioneering role in developing the financial sector in the Kingdom.
SNB achieved a highly successful transaction in terms of price and exceeded its objectives in terms of issue size. Final pricing of SOFR+120bps was priced efficiently inside SNB’s outstanding 5Y USD Sukuk levels, providing the issuer with a favourable economic outcome.




The issuance benefited from SNB’s extensive engagement on non-deal investor meetings, and with exceptional indications of interest, the deal was upsized to USD 500mn from an initial expectation of USD 300mn.

Beyond the notable achievement on the economic metrics of this trade, the strong investor demand serves as testament to SNB’s rigorous efforts on proactively engaging with a broad set of top tier international investors, and the strong appeal of the bank’s credit to the global investor community. In the build up to the issuance, SNB met with several different accounts, “We are pleased to see growing demand for SNB’s credit from an increasingly diverse range of investors, benefiting from its leading role within a rapidly growing economy.





This builds off of the bank’s continuous efforts to extend its reach and foster new relationships through investor engagement. As the benefits of the various 2030 initiatives continue to materialize, SNB will strive for commensurate growth in the innovation of its own operations, to meet the needs of its investors and customers.” Said SNB Chief Executive Officer, Tareq AlSadhan.

Saudi National Bank was formed in April 2021 following the merger of the National Commercial Bank and Samba Financial Group. SNB is the largest financial institution in Saudi Arabia in terms of total assets and is listed on the Saudi Tadawul stock exchange. SNB plays a vital role in supporting economic transformation in Saudi Arabia by transforming the local banking sector and catalysing the delivery of Saudi Arabia’s government programmes that support society, and the economy.

For further information and media enquiries, please contact:
The Saudi National Bank 
P.O. Box 3208
Riyadh, 13519 - 6676
Kingdom of Saudi Arabia