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