Please register to access this content.
To continue viewing the content you love, please sign in or create a new account
Dismiss
This content is for our paying subscribers only

Business Banking & Insurance

Bank of Sharjah issues $600 million bonds

Proceeds will be used to refinance the bank’s existing $500 million bonds



Bank of Sharjah.
Image Credit: Supplied

Dubai: Bank of Sharjah on Sunday announced the issuance of a $600 million funding transaction through the issue of fixed rate senior unsecured bonds, from its $1.5 billion Euro Medium Term Note (EMTN) programme.

The bonds, carrying a coupon rate of 4 per cent, and listed on the Irish Stock Exchange, mature on 18 September, 2024, and were issued at a spread of 250 basis points over mid swaps, following marketing roadshow to international fixed income fund investors, banks, pension funds and insurance companies in Abu Dhabi, Dubai, Hong Kong, Singapore and London. The order book reached $1.85 billion, with 109 investors participating in the final allocation.

The proceeds will be used to refinance the bank’s existing $500 million bonds, maturing on 8 June 2020, and for general corporate financing purposes.

Advertisement