Abu Dhabi's First Gulf Bank (FGB.AD) has set up a new $3.5 billion Islamic bond programme, a London Stock Exchange filing showed, paving the way for the lender's first sukuk sale.
FGB, 67-percent owned by Abu Dhabi's ruling family, picked Citi (C.N), Standard Chartered (STAN.L) and HSBC (HSBA.L) to arrange the program, a prospectus from the lender, dated July 11 showed.
The UAE's second largest lender by market value said in March that the bank was considering an Islamic bond as it planned to tap debt markets this year. Sukuk yields in the Gulf have narrowed significantly in recent months, a sign of returning confidence and demand for regional Islamic paper.
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