First Gulf Bank PJSC, (FGB), a leading bank in the UAE, has received excellent investor endorsement through a 2.8 times oversubscription of its US$500 million Sukuk (Islamic bonds) issuance.
The FGB Sukuk transaction commenced yesterday, on January 12, 2012 and ended on the same day at a total value of US$1.4 billion.
Lead by FGB, Citi, HSBC, NBAD and Standard Chartered banks jointly, the transaction set the final price for the five-year Sukuk at 287.5 basis points above midswaps. Rated as A2 (Stable) by Moody's and A+ (Stable) by Fitch, the Regulated S Bonds are listed in London and retain a fixed profit rate of 4.046% p.a. Proceeds from the Sukuk are to be used for general corporate purposes.
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