First Gulf Bank Follows NBAD With Middle Eastern Kangaroo Bond - Bloomberg

First Gulf Bank Follows NBAD With Middle Eastern Kangaroo Bond - Bloomberg:



"First Gulf Bank PJSC (FGB) is offering its first Kangaroo bond following another Middle Eastern sale earlier this month by National Bank of Abu Dhabi PJSC. (NBAD)



Abu Dhabi-based First Gulf is planning to issue Australian dollar-denominated notes maturing in five years, according to an e-mailed statement from Nomura Holdings Inc., which is managing the transaction along with Australia & New Zealand Banking Group Ltd. (ANZ) and HSBC Holdings Plc. The securities are being marketed at a yield of about 155 basis points more than the swap rate, according to two people familiar with the matter who asked not to be identified because the terms aren’t set.



National Bank of Abu Dhabi became the first Middle Eastern issuer in the Australian bond market when it placed A$300 million ($272 million) of 5 percent 2018 securities in February 2013, before returning to the market two weeks ago with a A$400 million five-year deal. NBAD, rated Aa3, two levels above First Gulf by Moody’s Investors Service, priced its 2019 4.75 percent securities at a spread of 125 basis points on March 12. The gap has since narrowed to 119 basis points, ANZ prices show."



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