GIB re­quests pro­pos­als for dol­lar bond is­sue

Kuwait Times - - BUSINESS -

Gulf In­ter­na­tional Bank (GIB) has asked banks to sub­mit pro­pos­als to ar­range a po­ten­tial US dol­lar-de­nom­i­nated bond is­sue, bank­ing sources fa­mil­iar with the sit­u­a­tion told Reuters yes­ter­day. The re­quest for pro­pos­als was sent a few days ago and no man­date has been awarded yet, the bankers added. GIB, a Bahrain-based len­der, did not im­me­di­ately re­spond to a re­quest for com­ment.

The new bond is likely to be is­sued early next year, the bankers and Dubai-based in­vestors said. Un­less doc­u­men­ta­tion for a new deal is ready by now, there is lit­tle time to launch a new bond trans­ac­tion in the Mid­dle East­ern debt mar­ket be­fore year-end, they noted. GIB has a $500 mil­lion Eu­robond ma­tur­ing in De­cem­ber 2017. That pa­per, is­sued in De­cem­ber 2012 at 165 ba­sis points over mid-swaps and yield­ing 2.4 per­cent at is­sue date, was yield­ing 2.355 per­cent yes­ter­day, ac­cord­ing to Thom­son Reuters Data. Bar­clays, GIB Cap­i­tal, JP Mor­gan, Na­tional Bank of Abu Dhabi, So­ci­ete Gen­erale and Stan­dard Char­tered were joint lead man­agers for the sale of those notes. —Reuters

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