Shuaa Capital prices $150mln bond issuance

Admission to the International Securities Market expected to happen on or around 28 October 2020

  
Elevated view of modern skyscrapers along Sheikh Zayed Road, Dubai. Image used for illustrative purpose.

Elevated view of modern skyscrapers along Sheikh Zayed Road, Dubai. Image used for illustrative purpose.

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Dubai – Shuaa Capital has priced a $150 million bond issuance with a coupon of 7.5%, marked as the first high yield issuance in MENA since the beginning of the coronavirus (COVID-19) pandemic in March 2020.

To be listed on the London Stock Exchange’s International Securities Market (the ISM), the bond has attracted significant institutional interest across MENA and the GCC region and beyond, according to a press release on Thursday.

Admission to the ISM expected to happen on or around 28 October 2020.  

Shuaa will raise $150 million through the issuance, led by Standard Chartered Bank and First Abu Dhabi Bank (FAB) as global coordinators.

The CEO of Shuaa, Jassim Alseddiqi, said: "We have recently launched a number of new funds which reinforce our position as the market leader in asset management and investment banking in the region, as well as delivering on our stated intention to focus our business on recurring revenues and low capital intensity business."

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© Mubasher 2020

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