Abu Dhabi-based lender First Gulf Bank (FGB) yesterday said its $500 million (Dh1.83 billion) sukuk has been oversubscribed 2.8 times to fetch $1.4 billion (Dh5.14 billion) on closing.
Led by FGB, Citi, HSBC, NBAD and Standard Chartered banks, the transaction set the final price for the five-year sukuk at 287.5 basis points above mid-swaps. Rated A2 (Stable) by Moody’s and A+ (Stable) by Fitch, the Regulated S Bonds are listed in London and retain a fixed profit rate of 4.046 per cent per annum. Proceeds from the sukuk are to be used for general corporate purposes………………………………………..Full Article: Source