First Gulf Bank plans $205m bonds

  • Share via facebook
  • Tweet this
  • Bookmark and Share
BOND SALE: First Gulf Bank plans to raise 200 million Swiss francs ($205m) in a sale of five-year bonds (ITP Images)

BOND SALE: First Gulf Bank plans to raise 200 million Swiss francs ($205m) in a sale of five-year bonds (ITP Images)

First Gulf Bank plans to raise 200 million Swiss francs ($205m) in a sale of five-year bonds that may be priced to yield about 164 basis points over the benchmark mid-swap rate, according to three people familiar with the deal.

Abu Dhabi’s third-largest lender in November delayed a planned bond sale because rates weren’t favorable. Borrowers from the Gulf Cooperation Council, including the UAE and Saudi Arabia, sold $32.6bn of bonds last year, compared with $42.8bn in 2009, according to data compiled by Bloomberg.

Issuers in the six-nation group have about $70bn of debt maturing this year, according to Standard Chartered Plc.

First Gulf Bank in October reported third-quarter profit of AED849m($231.2m), topping the median 789.5 million-dirham profit estimate of eight analysts, according to data compiled by Bloomberg.

Related:
Companies

Market Performance

First Gulf Bank
17.6
0.1 0.57 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai real estate bonds would find buyers amid recovery

Dubai real estate bonds would find buyers amid recovery

Bonds could be issued to fund growing pipeline of new projects...

2

"Sleeping giant" debt market awakes in Saudi Arabia

After years in which the growth of Saudi Arabia's bond market...

Egypt struggles to spur bond trading

Egypt struggles to spur bond trading

Arab state loathe to allow rivals into lucrative treasury bond...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams