Sunday 05, March 2017 by Nabilah Annuar

Bank of Sharjah issues Unsecured Fixed Rate Notes worth $500 million

The Notes were issued under Bank of Sharjah’s Euro Medium Term Note Programme (EMTN).

Bank of Sharjah on the 28 February 2017 successfully issued Senior Unsecured Fixed Rate Notes totalling $500 million. The paper carries a five year maturity and was issued at midswaps plus 225 bps to yield at 4.23 per cent. Proceeds from the issuance will be utilised by the bank to finance its ongoing businesses.

Issued under the bank’s EMTN programme listed on the Irish Stock Exchange and rated BBB+ by Fitch, the Notes were sold to an investor base from the GCC, Asian and European markets. The debenture was 3.8 times oversubscribed with the book build reaching $1.9 billion in bids. This reflects a robust investor interest following roadshows conducted in UAE, Singapore, London and Hong Kong.

The lead managers and book runners to the EMTN transaction were National Bank of Abu Dhabi, Arab Banking Corporation, Emirates NBD Capital and JP Morgan Securities.

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

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