Saudi National Bank, the kingdom’s largest banking group, has announced plans to issue US dollar-denominated senior unsecured Islamic bonds (or sukuk) under its international sukuk program. 

The amount and terms of offer of the sukuk will be determined later subject to the market conditions, the bank said in a statement on the Saudi stock exchange on Monday.

The proposed issuance, the proceeds of which will be utilized for general corporate purposes, is expected to be through a special purpose vehicle and will be open to eligible investors in the kingdom and internationally, it added.

The bank has mandated Citigroup Global Markets Ltd., Emirates NBD Bank PJSC, Goldman Sachs International, HSBC Bank plc, Mizuho International plc and SNB Capital Company as joint lead managers & bookrunners to the proposed offering.

On Sunday Saudi National Bank, which was created through the merger between NCB and Samba Financial Group, said the process was completed on 6 January 2022, "making it the largest and fastest merger in the history of the region." 

(Writing by Brinda Darasha; editing by Daniel Luiz)

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