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FGB plans benchmark bond sale
- United Arab Emirates: Thursday, September 27 - 2012 at 08:58
The UAE's second-largest lender by market value, First Gulf Bank (FGB) has hired five banks for a new benchmark-sized bond sale, Reuters has reported, citing three sources familiar with the matter. FGB picked Citigroup Inc., HSBC Holdings, National Bank of Abu Dhabi, Deutsche Bank and Standard Chartered for the deal, which is expected to be at least $500m in size. FGB's last two forays into the global debt markets have been through the sale of Islamic bonds, or sukuk, due to the pricing advantage offered by the more stable asset class during market volatility in the last two years.
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