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Mon 14 Nov 2016 05:48 PM

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Bank of Sharjah weighs $500m bond in 2017

Sources say Abu Dhabi-listed lender has secured shareholder approval for bond for ‘general corporate purposes’

Bank of Sharjah weighs $500m bond in 2017

Bank of Sharjah is considering issuing a $500 million conventional bond in 2017 for general corporate purposes, banking sources have told Reuters.

The Abu Dhabi-listed lender gained shareholder approval earlier this year to issue bonds worth up to $1.5 billion.

It issued its first international bond of $500 million in 2015.

The bank chose JP Morgan and National Bank of Abu Dhabi as joint coordinators for the 2015 five-year transaction, with those two lenders and Commerzbank, Emirates NBD Capital and First Gulf Bank acting as bookrunners.

Elsewhere in the Gulf, Bahrain-based Gulf International Bank has asked banks to submit proposals to arrange a potential U.S. dollar-denominated bond issue, Reuters reported on Monday.

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