Dentons has advised Bank of Sharjah on the establishment of its US$1 billion Euro Medium Term Note (EMTN) programme and its inaugural issuance of US$500 million 4.23% notes due 2022 thereunder, which completed on 7 March 2017. The programme and the notes are listed on the Irish Stock Exchange and have been assigned a long-term senior unsecured rating of BBB+ by Fitch. The notes were offered to sophisticated investors outside of the United States in reliance on Regulation S under the US Securities Act 1933. The transaction follows Bank of Sharjah’s debut bond issuance of US$500 million 3.374% guaranteed notes due 2020 in June 2015.
The programme was arranged by the National Bank of Abu Dhabi, with Bank ABC, Emirates NBD Capital and J.P. Morgan acting as dealers. The same banks acted as Joint Lead Managers on the issuance of the bond.
Dentons Capital Markets partner Alex Roussos, said, “We are grateful for the opportunity to have worked with the Bank of Sharjah on yet another successful debt capital markets transaction. We are keen to see more issuers in the UAE set up their MTN and Sukuk programmes and come to the markets more regularly as we all work together to strengthen our local bond markets for the benefit of investors and issuers alike.”
The Dentons team was led by Alex Roussos, with assistance from associate Sana Siddiqui in Dubai.
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