Dubai: Bank of Sharjah said it has issued Senior Unsecured Fixed Rate Notes, totalling $500 million, for a five-year maturity at mid swaps plus 225 basis points, to yield 4.23 per cent.
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 bank said in a emailed statement.
The notes were sold to a diversified investor base from the Gulf Cooperation Council, 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 the UAE, London, Singapore and Hong Kong.
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, Dubai.
The transaction settles on March 7, 2017, and the notes mature on March 7, 2022. The proceeds will be utilised by the Bank to finance ongoing business.