Gulf International Bank (GIB) has successfully issued a $500 million five-year bond under its EMTN programme receiving strong interest from regional and international investors.

The order book peaked at over $1.1 billion, enabling GIB to tighten the pricing to 130 basis points over five-year UST at a coupon of 5.75 per cent. This marked one of the narrowest spreads achieved by GIB thus far, showcasing the strength of the bank’s credit profile and the market confidence in GIB and its strategy.

The order book was well diversified both geographically and in terms of investor types, with nearly 50pc of the deals from outside the Mena region. The offering attracted notable participation from prominent global investors including banks, international fund managers, private banks, and insurance companies. Proceeds from the issuance will allow GIB to support the expansion of its business and maintain an optimal funding profile.

Acting as joint lead managers and bookrunners for the offering were Citigroup Global Markets, Emirates NBD Capital, GIB Capital, Standard Chartered Bank and JP Morgan Securities.

Standard Chartered Bank also served as global co-ordinator.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (