Wednesday, July 8, 2020

Over 200 cloud seeding missions conducted in UAE

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Bank of Sharjah plans US-dollar denominated bond sale to repay debt

The Sharjah-based lender will use the proceeds to help settle notes maturing in June next year.

Bank of Sharjah plans to issue US dollar-denominated bonds later this year to help the UAE lender repay existing debt, reported Bloomberg.

The bank seeks to raise about $500 million in a sale likely to take place in September or October.

Martin Edmonds, the Treasurer at Bank of Sharjah, said, “We are exploring multiple options for an issue of senior unsecured securities, including private placements and a public deal as well as in currencies such as the Swiss franc.”

The lender earlier this year got shareholder approval for a Tier I hybrid issuance, which typically combines characteristics of both debt and equity.

Bank of Sharjah raised $115 million last week from a private sale of three-year floating-rate notes and the securities were priced at 190 basis points over the three-month Libor.

In February 2017, it sold $500 million of five-year bonds at a spread of 237 basis points over similar-dated US Treasuries.

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