This issue received a great response from the global investment community, as it attracted requests amounting to $1.4 billion, which is nearly three times the size of the offered issue.
The bonds have a term of five years from the date of issuance with a return of 5.25 percent per annum.
The offering was preceded by a marketing campaign that included outreach to global investors and promotional tours in Dubai and London, which enabled the bank to tighten pricing conditions by approximately 25 basis points from the initial indicative price due to the strong demand from global and regional investors.
From this perspective, the success of the new issue is considered a new indicator of the bank’s ability to secure favorable conditions in the capital markets.
“Despite the current period of increasing volatility and various economic and geopolitical factors, our new offering has attracted significant interest from investors, reflecting strong confidence in our new strategy and the bank’s financial stability and growth opportunities,” said Mohammed Khadiri, CEO of Bank of Sharjah. “This issuance, the fifth of its kind in the international public capital markets, has provided us with an opportunity to deepen our relationships with our existing investors, in addition to enabling us to attract new categories of investors at the regional and international levels,” according to the Emirates News Agency.
It is noteworthy that Bank of Sharjah has appointed a number of banks as lead issue managers, namely Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, ABC Bank, Citigroup Global Markets Limited, Doha Bank, Emirates NBD Capital, First Abu Dhabi Bank, Kamco Investment Company, Mashreq Bank, Qatar National Bank Capital, in addition to Standard Chartered Bank.
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