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Latest News

Abu Dhabi’s FGB to issue 5-yr 200 mln Swiss franc bond

FGB held off on dollar issue in November.

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January 12, 2011 4:05 by



First Gulf Bank , Abu Dhabi’s second largest lender by market value, plans to issue a five-year 200 million Swiss franc ($206 million) bond, carrying a coupon of 3 percent, market sources said on Wednesday. Books for the transaction, being sole lead-managed by Deutsche Bank, are expected to close later on Wednesday, the sources said.

“The books are likely to close today (Wednesday) and the response seems positive,” one source told Reuters on condition of anonymity.

The source added the funds were to be used for general corporate purposes. The bond sale would be the first from the Gulf Arab region in 2011, expected to be a busy year for new issues from the Middle East, as yield-hungry investors drive strong global demand for regional debt.

The issue would be FGB’s second attempt in recent months to tap the bond market after the bank decided to hold off issuing a benchmark $500 million bond in November, citing volatile market conditions.

(Reporting by Stanley Carvalho; Writing by Rachna Uppal; Editing by Shaheen Pasha)



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