Banking & Finance
Bank of Sharjah Is Said to Plan Dollar Bond Sale to Repay Debt
(Bloomberg) — Bank of Sharjah PJSC plans to issue dollar-denominated bonds later this year to help the United Arab Emirates lender repay existing debt, people with knowledge of the plan said.
The company wants to raise about $500 million in a sale likely to take place in September or October, according to the people, who asked not to be identified because the details are private. The bank, based in the emirate of Sharjah, and will use the proceeds to help settle notes maturing in June next year, they said.
“We’re exploring multiple options for an issue of senior unsecured securities, including private placements and a public deal, as well as in currencies such as the Swiss franc,” Martin Edmonds, the treasurer at Bank of Sharjah said. The lender earlier this year got shareholder approval for a Tier I hybrid issuance, which typically combines characteristics of both debt and equity.
Bank of Sharjah raised $115 million last week from a private sale of three-year floating-rate notes, according to data compiled by Bloomberg. The securities were priced at 190 basis points over the three-month Libor, the data showed. In February 2017, it sold $500 million of five-year bonds at a spread of 237 basis points over similar-dated U.S. Treasuries.
Financial institutions account for 34% of the $67 billion of bonds sold in the six-nation Gulf Cooperation Council this year, according to data compiled by Bloomberg.
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, November 24
-
Energy1 month ago
Oman and Belgium Strengthen Green Hydrogen Partnership with New Landmark Agreement
-
Energy1 month ago
OUTLOOK: Emerging Markets and Renewables – The Twin Engines of Energy Growth for 2025
-
OER Magazines1 month ago
OER Magazine: December 2024 Edition – The Most Trusted Brands in Oman
-
Technology1 month ago
EXCLUSIVE: Technological Singularity – Will It Become Humanity’s Greatest Leap or Its Most Perilous Step?
-
Oman2 months ago
Oman Braces for Launch of First Experimental Rocket Duqm-1 on 4 December 2024
-
Oman2 months ago
Transport Ministry Issues New Regulation for Security of Ships, Ports
-
Magazines2 months ago
OER Magazine: November 2024 Edition
You must be logged in to post a comment Login