Saudi National Bank Makes Historic Breakthrough in Taiwanese Formosa Market
In a groundbreaking achievement, Saudi National Bank has become the first financial institution in the Kingdom to access the Taiwanese Formosa market. This milestone highlights SNB’s dedication to advancing Saudi Arabia’s financial sector, as stated in a press release.
The successful issuance of a $500 million five-year senior unsecured floating-rate note bond under its $5 billion Euro Medium Term Note Programme has surpassed all expectations. The final pricing, set at a secured overnight financing rate of +120 basis points, showcases efficient pricing inside SNB’s five-year US sukuk levels.
The overwhelming success of the transaction can be attributed to strong investor demand, leading to an upsizing from an initial expectation of $300 million to $500 million. This outcome reflects SNB’s engagement with a diverse range of international investors and solidifies the bank’s credit appeal on a global scale.
SNB CEO Tareq Al-Sadhan expressed his satisfaction with the robust demand for SNB’s credit and highlighted the bank’s significant role in a rapidly expanding economy. He emphasized SNB’s continuous efforts to expand its reach and cultivate new relationships through investor engagement.
As the benefits of various 2030 initiatives continue to materialize, SNB is committed to enhancing the innovation of its operations to meet the evolving needs of its investors and customers.
Established in April 2021 through the merger of the National Commercial Bank and Samba Financial Group, SNB stands as the largest financial institution in the Kingdom by total assets listed on the Saudi exchange.