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First Gulf Bank to Sell First Islamic Bond as Yields Decline

12/07/2011 08:23:11 AM GMT   Comments ()     Add a comment   Print     E-mail to friend

First Gulf Bank PJSC (FGB), the United Arab Emirates’ lender controlled by Abu Dhabi’s ruling family, plans to sell its first Islamic bond under a $3.5 billion sukuk program as yields on Islamic debt reached a six-year low.

The lender, the country’s fourth-biggest by assets, hired Citigroup Inc. (C), HSBC Holdings Plc (HSBA) and Standard Chartered Plc (STAN) to manage the sale, according to a prospectus filed to the London Stock Exchange yesterday. The Islamic bond will be the first from Abu Dhabi since National Bank of Abu Dhabi PJSC (NBAD), the country’s second-biggest bank by assets, raised 500 million Malaysian ringgit ($160 million) in December from the sale of 10-year bonds paying a coupon of 4.9 percent.


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Source: AJP

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