bank of sharjah issues unsecured fixedrate notes worth us500 mln
Last Updated : GMT 06:49:16
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Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Bank of Sharjah issues unsecured fixed-rate notes worth US$500 mln

Arab Today, arab today

Arab Today, arab today Bank of Sharjah issues unsecured fixed-rate notes worth US$500 mln

Bank of Sharjah
Sharjah - Arab Today

Bank of Sharjah has issued senior unsecured fixed rate notes totalling U$500 million, for a five-year maturity at mid swaps plus 225 basis points, to yield 4.23 per cent, the lender said in a statement today.

The notes were issued under the bank’s recently-established euro medium term note (EMTN) programme which is listed on the Irish Stock Exchange and rated BBB+ by Fitch.

The notes were sold to a diversified investor base from the Gulf Co-operation Council and Asian and European markets.

The issue was 3.8 times oversubscribed with the book build at one point achieving a total of $1.9 billion in bids, reflecting strong investor interest, following a marketing roadshow which encompassed United Arab Emirates, London, Singapore and Hong Kong, the bank said.

The EMTN issue was jointly lead managed by book runners National Bank of Abu Dhabi - Abu Dhabi, Arab Banking Corporation - Bahrain, Emirates NBD Capital–Dubai and JP Morgan Securities plc–DIFC, it said.

The transaction settles on 7th March, 2017, and the notes mature on 7th March, 2022.

The proceeds will be utilised by the bank to finance ongoing business.

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bank of sharjah issues unsecured fixedrate notes worth us500 mln bank of sharjah issues unsecured fixedrate notes worth us500 mln

 



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bank of sharjah issues unsecured fixedrate notes worth us500 mln bank of sharjah issues unsecured fixedrate notes worth us500 mln

 



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