Bank of Sharjah issued a USD 500 mn senior unsecured bond, which was oversubscribed 3.6x with some USD 1.8 bn in orders, state news agency Wam reports. The five-year bond carries a coupon of 4.875% per year, with the bank having tightened pricing by 30 bps from initial guidance and after investor calls and a roadshow in Dubai and London.

The issuance falls under its USD 2.5 bn EUR medium-term note program, Zawya reported earlier.

The issuance came in a bid to diversify its investor base, Chief Treasury Officer Damian White said. It “compares favorably” with previous issuances, he added. The bank had issued a similar USD 500 mn bond — in September last year.

ADVISORS- Arqaam Capital, Bank ABC, Bank of Bahrain and Kuwait, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, IMI-Intesa Sanpaolo, Kamco Invest, and Standard Chartered Bank acted as joint bookrunners and lead managers.

Tags: