Sharjah Bank successfully issues $500 million bonds

Sharjah Bank successfully issues $500 million unsecured bonds in global markets.

This issue received a great response from the global investment community, as it attracted requests amounting to $1.4 billion, which is nearly three times the size of the offered issue.

The bonds have a term of five years from the date of issuance with a return of 5.25% per annum.

The offering was preceded by a marketing campaign, which included communication with global investors and promotional tours in both Dubai and London, which enabled the bank to tighten pricing conditions by approximately 25 basis points from the initial indicative price, due to the strong demand from global and regional investors.

“Despite the current period of increasing volatility and various economic and geopolitical factors, our new offering has attracted significant interest from investors, reflecting strong confidence in our new strategy, the bank’s financial stability and growth opportunities,” said Mohammed Khadiri, CEO of Bank of Sharjah. “This issuance, the fifth of its kind in the international public capital markets, has provided us with an opportunity to deepen our relationships with our existing investors, as well as to attract new categories of investors at the regional and international levels.”

It is noteworthy that Bank of Sharjah has appointed a number of banks as lead managers for the issuance, namely: Abu Dhabi Commercial Bank, National Bank of Kuwait, ABC Bank, Citigroup Global Markets Limited, Doha Bank, Emirates NBD Capital, First Abu Dhabi Bank, Kamco Investment Company, Mashreq Bank, Qatar National Capital, in addition to Standard Chartered Bank.