Saudi Arabia: The Saudi National Bank plans to issue Islamic bonds, or Sukuk, denominated in US Dollar with the size of the issuance still undetermined, it said in a bourse filing.

The proceeds will be used for general corporate purposes and to fulfil the bank’s financial and strategic objectives, it said in a statement to Saudi stock exchange, Tadawul.

The offer is expected to be through a special purpose vehicle.

Citigroup Global Markets Limited, Emirates NBD Bank, Goldman Sachs International, HSBC Bank, Mizuho International and SNB Capital Co. are assigned as joint lead managers and bookrunners of the offer.

The amount and terms of offer of the Sukuk will be subject to market conditions.

The issuance is under the bank's international sukuk program established by it on Nov. 15, 2021