DUBAI- Bahrain's Gulf International Bank (GIB) sold $500 million in five-year bonds on Wednesday after receiving around $1.35 billion in orders, a document showed.
The deal comes amid a flurry of issues by banks in the Gulf as they seek to shore up liquidity to deal with the twin shocks of the coronavirus crisis and weak oil prices.
Emirates Islamic Bank also sold $500 million in five-year sukuk, or Islamic bonds, on Wednesday.
GIB, 97.2% indirectly owned by Saudi Arabia's Public Investment Fund, sold the bonds at 205 basis points (bps) over mid-swaps, the document from one of the banks arranging the deal and seen by Reuters showed, tightening 25 bps from where it began marketing them earlier on Wednesday.
First Abu Dhabi Bank, GIB Capital, HSBC and Standard Chartered arranged the deal.
(Reporting by Yousef Saba; Editing by Alex Richardson and Kevin Liffey) ((Yousef.Saba@thomsonreuters.com; +971562166204))