Bond Factsheet
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SNBAB 3.400% 01Dec2035 Corp (SGD)
SNB Funding Limited
Full Lot
Bid Price 96.200
Change in Bid Price 1.550
Bid Yield (%) 4.217 %
Change in Bid Yield 0.284
Bid Volume 250,000
Ask Price 97.700
Change in Ask Price 0.050
Ask Yield (%) 3.946 %
Change in Ask Yield 0.013
Ask Volume 250,000
Price as of 06 Oct 2026, 10:08pm
Odd Lot
Bid Price 96.200
Change in Bid Price 2.050
Bid Yield (%) 4.217 %
Change in Bid Yield 0.404
Bid Volume 100,000
Ask Price 97.750
Change in Ask Price 0.500
Ask Yield (%) 3.934 %
Change in Ask Yield 0.121
Ask Volume 100,000
Price as of 06 Oct 2026, 10:08pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
SNB Funding Limited
Guarantor
The Saudi National Bank
Announcement Date
24 Nov 2025
Issue Date
01 Dec 2025
Maturity Date
01 Dec 2035
Years to Maturity / Next Call
9.156 / 4.154
Modified Duration
7.650 @ 06 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
3.400
Coupon Type
Variable
Annual Coupon Rate
3.400
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 1 December 2030
Reset Rate: 5YR SORA OIS + initial Margin (1.717%)
ISIN
XS3234006529
CUSIP
DA7727476
Bond Currency
SGD
Total Issue Size
425,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ N.R
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Write-down of the Tier 2 Notes
(i) If, at any time, the Financial Regulator determines that a full Write-down is required, on the Non- Viability Event Write-down Date:
(A) the relevant Redemption Amount shall automatically be written-down to zero and the Tier 2 Notes shall be cancelled;
(B) subject to payment of accrued and unpaid Interest Amounts if and only to the extent that such Interest Amounts became due and payable to the Noteholders prior to the date of the Non-Viability Notice (and provided payment of such amounts are not prohibited by the Financial Regulator or the Capital Regulations at such time), all rights of any Noteholder for payment of any amounts under or in respect of the Tier 2 Notes (including, without limitation, any amounts arising as a result of, or due and payable upon the occurrence of, a Tier 2 Event) shall be cancelled and not restored under any circumstances, irrespective of whether such amounts have become due and payable prior to the date of the Non- Viability Notice or the Non-Viability Event Write-down Date;
(C) the Noteholders will have no further claim against the Bank in respect of any Tier 2 Notes.
(ii) If the Financial Regulator determines that a partial Write-down of the Notes is required and provides the Bank with the information required pursuant to Condition 11(a)(ii), and where a partial Write-down of the Notes is specified in the Non-Viability Notice (or in a subsequent notice in accordance with Condition 11(a) (Write-down of the Tier 2 Notes)), on the Non-Viability Event Write-down Date:
(A) the face amount of each Note shall be written-down in part on a pro rata basis in a proportion corresponding to the Write-down Amount, as specified in writing by the Financial Regulator and references in these Conditions to “face amount” or “outstanding face amount” shall be construed accordingly;
(B) the rights of the holders of the Tier 2 Notes in the proportion of the face amount so written down in accordance with this Condition 11(b), shall automatically be deemed to be irrevocably and unconditionally cancelled;
(C) the relevant Redemption Amount in respect of such Tier 2 Notes shall automatically be written-down by the Write-down Amount; and
(D) subject to payment of accrued and unpaid Interest Amounts if and only to the extent such amounts became due and payable to the Noteholders prior to the date of the Non-Viability Notice (and provided payment of such amounts is not prohibited by the Financial Regulator or the Capital Regulations at such time), all rights of any Noteholder for payment of any amounts under or in respect of the proportion of the Tier 2 Notes so written-down (including, without limitation, any amounts arising as a result of, or due and payable upon the occurrence of, a Tier 2 Event) shall be cancelled and not restored under any circumstances, irrespective of whether such amounts have become due and payable prior to the date of the Non-Viability Notice or the Non-Viability Event Write-down Date.
Applicable Statutory Loss Absorption Regime
With effect on and from the date on which the Applicable Statutory Loss Absorption Regime becomes effective in respect of the Notes, the foregoing provisions of this Condition 11 will lapse and cease to have any effect, except to the extent such provisions are required by the Applicable Statutory Loss Absorption Regime. If the Bank becomes Non-Viable on or after such date, the Financial Regulator (or the Bank following instructions from the Financial Regulator) may take such action in respect of the Notes as is required or permitted by such Applicable Statutory Loss Absorption Regime.
Issuer Call
Reset Date: 01 December 2030
Additional Note
This Condition 10(c) is only applicable to Tier 2 Notes.
Subject to Condition 10(k) (Conditions to Redemption and Repurchase of Tier 2 Notes), the Notes may be redeemed at the option of the Issuer in whole, but not in part:
(i) at any time (if the Floating Rate Note Provisions are specified in the applicable Pricing Supplement as being not applicable); or
(ii) on any Interest Payment Date (if the Floating Rate Note Provisions are specified in the applicable Pricing Supplement as being applicable),
“Capital Disqualification Event” shall be deemed to have occurred if, as a result of any change in any applicable law (including any Capital Regulations), or in the application or official interpretation thereof, in each such case becoming effective after the Issue Date of the most recent Tranche of Tier 2 Notes, the Bank is notified in writing by the Financial Regulator that the Tier 2 Notes are excluded in full (or, to the extent not prohibited by the Capital Regulations at the time of the proposed redemption, in part) from the Tier 2 Capital of the Bank (save where such exclusion is only as a result of either: (a) any applicable limitation on the amount of such capital; or (b) such capital ceasing to count towards the Bank’s capital base through any amortisation or similar process or any changes thereto (including any amortisation or similar process imposed through any grandfathering arrangement));
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