First Gulf Bank prices $500m bond - Emirates24|7

First Gulf Bank prices $500m bond

Abu Dhabi's First Gulf Bank on Wednesday raised $500 million through a five-year Islamic bond sale, carrying a coupon of 4.046 per cent, two sources close to the deal said.

FGB, the second largest lender in the United Arab Emirates by market value, prices its Islamic bond or sukuk in line with its final guidance of 287.5 basis points over midswaps indicated on Tuesday.

"The deal was fairly well received," one source told Reuters.

Details on allocation and over-subscription are expected on Thursday, the source added.

Citi, HSBC, Standard Chartered and National Bank of Abu Dhabi were the book runners.

FGB, 67 per cent owned by Abu Dhabi's ruling family, set up a new $3.5 billion Islamic bond programme in July last year. It raised $650m through a five-year Islamic bond sale in the same month last year.

Comments

Comments