Dubai: Shuaa Capital has priced its $150 million bond at 7.5 per cent, and becoming the first "high-yield" issuance in the Middle East and North Africa markets since March. The bond, which attracted heavy institutional interest, will be listed on the London Stock Exchange’s International Securities Market (the ISM), which is expected on or around October 28.
Jassim Alseddiqi, CEO of Shuaa, said: “We recently launched a number of new funds which reinforce our position as the market leader in asset management and investment banking in the region, as well as delivering on our stated intention to focus our business on recurring revenues and low capital intensity business."
The issuance will see Shuaa raise the full USD 150 million approved by shareholders at its general assembly held on October 14. The deal was led by Standard Chartered Bank and First Abu Dhabi Bank as global coordinators. Bank of Sharjah, Emirates NBD Capital, First Abu Dhabi Bank, Mashreqbank and Standard Chartered Bank acting as joint lead managers.
Joachim Mueller, Chief Financial and Risk Officer, said: “We have set out a clear roadmap for Shuaa’s future growth... and a commitment to fortifying our balance sheet. Together, this represents a compelling proposition for investors and has contributed to the success of the bond issuance.”