27.07.2011 - FGB bond heavily oversubscribed

UAE lender First Gulf Bank raised $650 million from the sale of five-year Islamic bonds, or sukuk, on Tuesday, in a significantly oversubscribed deal that benefited from solid global demand for Sharia-compliant paper. The sukuk priced at 200 basis points over five-year midswaps, in line with earlier guidance, offering a profit rate -- equivalent to a coupon -- of 3.797 per cent, two sources involved in the deal said..............................................Full Article: Source

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