first gulf bank plans to sell its first sukuk
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

First Gulf Bank plans to sell its first sukuk

Arab Today, arab today

Arab Today, arab today First Gulf Bank plans to sell its first sukuk

Dubai - Arabstoday

First Gulf Bank plans to sell its first Islamic bonds from a $3.5 billion (Dh12.9 billion) sukuk programme as a scarcity of offerings drive yields to six-year lows. Abu Dhabi's third-largest lender by assets said last week it would start meeting fixed-income investors in the UAE, Asia and Europe. The yield on Abu Dhabi-backed Tourism Development & Investment Co.'s 4.949 per cent sukuk maturing in October 2014 and rated the third-best investment grade at Standard & Poor's, fell 30 basis points since June 30 to 2.72 per cent on July 22, data compiled by Bloomberg show. Investment-grade sukuk from the Gulf are appealing given the volatility in global credit markets amid concern over the sovereign debt crisis in Europe, according to Al Mal Capital PSC and National Bank of Abu Dhabi PJSC. Economic growth in the UAE, the second-biggest Arab economy after Saudi Arabia, may quicken to 3.3 per cent in 2011, the fastest pace in three years, the International Monetary Fund said in April. "FGB is a solid name backed by Abu Dhabi-based investors, which gives the issue a lot of credibility in addition to having a good credit rating," Parth Kikani, a senior analyst at Al Mal Capital in Dubai, said in emailed comments on July 21. "Now they would be able to sell the Islamic paper at least 70 to 90- basis-points cheaper" than last year, he said. Article continues below The lender in November delayed a bond sale because interest rates weren't favourable and sold 200 million Swiss francs of five-year notes in January. First Gulf Bank's dollar bonds are rated A2 by Moody's Investors Service, the sixth-highest investment grade ranking, and the fifth-best A+ by Fitch.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

first gulf bank plans to sell its first sukuk first gulf bank plans to sell its first sukuk

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

first gulf bank plans to sell its first sukuk first gulf bank plans to sell its first sukuk

 



GMT 11:36 2016 Wednesday ,28 December

UAE Banks Needs Unified Approach To Common Problems

GMT 09:00 2017 Wednesday ,12 April

Colombia forces struggle to root out coca

GMT 21:42 2017 Monday ,06 February

Syria anti-Daesh forces say US sent them armored cars

GMT 18:35 2017 Saturday ,11 November

750,000 march for separatists' release in Barcelona

GMT 21:18 2016 Thursday ,22 September

Nawaz, Rouhani discuss bilateral ties, regional situation

GMT 18:31 2017 Friday ,01 September

Vietnam state oil magnate arrested in major fraud case

GMT 14:18 2017 Thursday ,09 March

CITC governor visits STC booth in Spain exhibition

GMT 04:30 2017 Friday ,10 November

Uber IPO 'target' is 2019

GMT 19:40 2017 Tuesday ,29 August

Mona used stones to decorate ornaments

GMT 13:02 2017 Wednesday ,08 March

Crash test dummies sacrifice lives for car safety

GMT 08:41 2017 Tuesday ,28 November

Beautiful Plants for Amazing Indoor Decoration

GMT 05:01 2018 Monday ,24 September

Bahrain weather forecast
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday