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Latest News

First Gulf Bank plans five-year bond

Bahrain's ringgit sukuk programme

FGB plans to issue the new bond under its $3.5 billion euro medium term notes programme

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October 1, 2012 4:06 by



Abu Dhabi-listed First Gulf Bank plans to issue a five-year, benchmark-sized dollar-denominated bond imminently, arranging banks said on Monday.

Early price talk was seen at 220 basis points over mid-swaps but market sources expect this to tighten at launch, although this will depend on demand for the deal.

FGB’s existing 2017 maturity – a $500 million Islamic bond, or sukuk, – was yielding about 2.7 percent on Monday, according to Thomson Reuters data, at a z-spread of about 207.6 basis points.

The z-spread is a pricing tool which calculates the number of basis points that need to be added to a zero-coupon yield curve to make the bond’s discounted cash flows equal the bond’s present value

FGB plans to issue the new bond under its $3.5 billion euro medium term notes programme.

Benchmark-sized is understood to mean at least $500 million. Citi, National Bank of Abu Dhabi, HSBC, Standard Chartered and Deutsche Bank are arranging the deal.

Reuters reported last week that the lender, the second-largest by market value in the United Arab Emirates, was eyeing a new bond sale.



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