First Gulf Bank Files to Sell Debt on Tokyo Pro-Bond Market - Bloomberg

First Gulf Bank Files to Sell Debt on Tokyo Pro-Bond Market - Bloomberg: "*



First Gulf Bank PJSC (FGB), the United Arab Emirates’ third-largest lender by assets, registered to sell as much as $1 billion of securities on the Tokyo Pro-Bond Market as it seeks funds to expand.



The program takes effect June 11 and will be valid for a year, according to a statement on the Tokyo Stock Exchange’s website. First Gulf Bank, owned by Abu Dhabi’s ruling family, also raised 4.7 billion yen ($46 million) in September from the sale of three-year notes that pay a coupon of 1 percent.



U.A.E. banks are raising money in different currencies to hedge against a possible tightening of the dollar funding market, as occurred during the global credit crisis. First Gulf Bank’s Singapore unit in April set up a $1 billion certificates of deposit program to raise short-term funds, while in March it raised A$250 million ($234 million) from its first sale of Kangaroo bonds."



'via Blog this'