Bank of Sharjah has announced the completion of the issuance of an unsecured $ 600 million 5-year bond with a 4% yield maturing on September 18, 2024, under the bank's US $ 1.5 billion Euro Medium Term Note Program.
The bonds were listed on the Irish Exchange and were issued with a margin of 250 basis points on the average swap rate, following an intensive marketing campaign involving international fixed income investors, banks, pension funds and insurance companies in Abu Dhabi, Dubai, Hong Kong, Singapore and London. The value of the applications amounted to US $ 1.85 billion bringing the coverage rate to 3.1 times, with 109 investors participating in the final allocation.
The proceeds will be used to refinance the bank's existing $ 500 million bonds maturing on June 8, 2020, and will be used to finance the bank's general business, the bank said in a statement.