Shuaa Capital's $150mln bond offering to be listed on London Stock Exchange's ISM

Admission to ISM expected to happen before end of the month, says Shuaa

  
A man wearing a protective face mask walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9, 2020.

A man wearing a protective face mask walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9, 2020.

REUTERS/Toby Melville

Dubai-listed asset manager Shuaa Capital has priced its $150 million bond offering.

The bond, priced with a coupon of 7.5 percent, will be listed on the London Stock Exchange’s International Securities Market (ISM), with admission to the ISM expected to happen on or around October 28 this year, the asset management platform said on Thursday.

The issuance will be the first high-yield offering in the Middle East and North Africa (MENA) region since the onset of the coronavirus pandemic, the firm said.

It will see Shuaa raise the full $150 million, as approved by its shareholders at a General Assembly on October 14.

So far, Shuaa’s new offering has attracted “significant interest” across the MENA or Gulf Cooperation Council region.

The company has recently launched a series of funds, a move which Shuaa said will strengthen its position in the asset management and investment banking space.

“Shuaa has continued to make strong progress along our path of value creation even during the challenges arising from the COVID-19 pandemic. 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,” said Jassim Alseddiqi, chief executive officer of Shuaa.

Just this month, the company announced the launch of its fourth fund of the year, the “Shuaa Financing Opportunities Fund”, which has so far attracted $68 million in commitments from investors.

Earlier, it launched three shariah-compliant funds, the Shuaa High Yield Sukuk Fund, Nujoom Aggressive Fund and Nujoom Balanced Fund.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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© ZAWYA 2020

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