Bank of Sharjah $500 Million Senior Unsecured Fixed Rate Notes

Sunday 05 March 2017

Sharjah - MENA Herald: Bank of Sharjah today issued Senior Unsecured Fixed Rate Notes, totalling USD 500 million, for a five year maturity at mid swaps plus 225 basis points, to yield 4.23%. 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 Notes were sold to a diversified investor base from the GCC, Asian and European markets. The issue was 3.8 times oversubscribed with the book build at one point achieving a total of USD 1.9 billion in bids, reflecting strong investor interest, following a marketing roadshow which encompassed United Arab Emirates, 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 7th, 2017, and the Notes mature on March 7th, 2022. The proceeds will be utilised by the Bank to finance ongoing business.

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