First Gulf Bank PJSC, (FGB), the leading financial partner of choice in the UAE, has received excellent investor endorsement through a six times oversubscription of its USD 650 million Sukuk (Islamic bonds) issuance.
The FGB Sukuk roadshow started on Thursday, 21st July 2011and invited Fixed Income investors from the UAE, Asia and Europe to participate. The book building exercise and the roadshow were closed on 26th July.
The final price for the five-year Sukuk was set at 200 basis points above midswaps. The Regulated S Bonds are listed in London and retain a fixed profit rate of 3.797 % p.a. Proceeds from the Sukuk are to be used for Islamic general corporate purposes and to fund the growth of the FGB’s Islamic loan book.
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