Bank of Sharjah priced a US$500 million senior unsecured bond in the international markets. The issuance received tremendous response from international investors, attracting orders that peaked at US$1.4 billion, or almost 3x oversubscription.

The bonds have a tenor of five years from the date of issuance, with a coupon of 5.25% per annum.

Following marketing activity that included global investor calls and a physical roadshow in Dubai and London, the bank successfully tightened the pricing by 25 basis points from the initial price talk due to strong demand from international and regional investors.

This new issuance demonstrates the bank’s ability to secure favourable terms in the capital markets.

Commenting on the successful completion of this deal, Mohamed Khadiri, CEO of Bank of Sharjah, said, “Despite a period of heightened volatility, driven by various economic and geopolitical factors, we were able to secure significant investor interest, reflecting strong confidence in our new strategy and the ba
nk’s financial stability and growth.”

Damian White, Head of Treasury at Bank of Sharjah, said, “This new bond issue marks an important milestone in the transformation of Bank of Sharjah. We set out with the goal of accessing a diverse group of investors, whilst also ensuring that the pricing reflected the turnaround in the bank’s performance under its new strategy. The final pricing compared very favourably to that of the past deals and cements a solid base for future issuances.”

Source: Emirates News Agency