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Saudi National Bank (SNB) is preparing to issue US dollar-denominated Tier 2 capital notes under its Euro Medium-Term Note programme. The move marks an effort by the kingdom’s largest lender to access international debt markets and enhance its regulatory capital.

The subordinated issuance will be conducted through a special-purpose vehicle and offered to qualified investors in Saudi Arabia and internationally. Final terms, including issue size, pricing and maturity, will be based on prevailing market conditions and remain subject to regulatory approvals.

SNB has appointed a syndicate of regional and global institutions to manage the transaction. Joint lead managers and bookrunners include Abu Dhabi Commercial Bank, DBS Bank, Emirates NBD, Goldman Sachs International, HSBC, JP Morgan, Mashreq, Mizuho International, SNB Capital, SMBC Bank International and Standard Chartered.

This issuance is expected to strengthen SNB’s Tier 2 capital base, supporting both its capital adequacy and long-term funding strategy. It follows the bank’s Saudi riyal-denominated Additional Tier 1 sukuk issuance earlier in May, underscoring its broader objective to diversify funding sources across currencies and geographies.

Several other GCC lenders have also returned to the bond market in recent months, taking advantage of improving credit conditions and robust investor demand for regional debt.