Gulf International Bank successfully issued a $500 million five-year bond under its Euro Medium Term Note (EMTN) programme on June 5, 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%. 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 bank said.

 

The order book was well diversified both geographically and in terms of investor types, with nearly 50% 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, it said. 

 

Acting as Joint Lead Managers and Bookrunners for the offering were Citigroup Global Markets Limited, Emirates NBD Capital, GIB Capital, J.P. Morgan Securities plc, and Standard Chartered Bank. Standard Chartered Bank also served as Global Coordinator. - TradeArabia News Service