Published on 2/28/2017 in the Prospect News Emerging Markets Daily.
New Issue: Bank of Sharjah prices $500 million 4.23% five-year bonds at mid-swaps plus 225 bps
By Paul A. Harris
Portland, Ore., Feb. 28 – United Arab Emirates-based Bank of Sharjah priced a $500 million issue of 4.23% five-year senior notes (Fitch BBB-) at a 225 basis points spread to mid-swaps on Tuesday, according to a market source.
The spread came on top of final spread talk, and through initial talk of mid-swaps plus 250 bps, sources said.
Joint bookrunner JPMorgan will bill and deliver. Bank ABC, Emirates NBD Capital and National Bank of Abu Dhabi were joint bookrunners.
Issuer: | Bank of Sharjah
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Amount: | $500 million
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Maturity: | March 7, 2022
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Securities: | Senior notes
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Bookrunners: | JPMorgan (bill and deliver), Bank ABC, Emirates NBD Capital, National Bank of Abu Dhabi
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Coupon: | 4.23%
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Price: | Par
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Yield: | 4.23%
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Spread: | Mid-swaps plus 225 bps
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Trade date: | Feb. 28
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Settlement date: | March 7
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Rating: | Fitch: BBB+
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Distribution: | Regulation S
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Price talk: | Mid-swaps plus 225 bps
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