Published on 5/24/2016 in the Prospect News Emerging Markets Daily.
New Issue: Dubai’s Noor Bank prices $500 million 6¼% perpetual notes at par
By Christine Van Dusen
Atlanta, May 24 – Dubai’s Noor Bank PJSC sold $500 million perpetual notes at par to yield 6¼%, or mid-swaps plus 490.5 basis points, on Tuesday, a market source said.
Citigroup and Standard Chartered were the joint global coordinators. Citigroup, Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Noor Bank, Sharjah Islamic Bank and Standard Chartered Bank were the joint lead managers.
| Issuer: | Noor Bank PJSC
|
| Amount: | $500 million
|
| Maturity: | Perpetual
|
| Description: | Notes
|
| Bookrunners: | Citigroup, Standard Chartered (joint global coordinators); Citigroup, Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Noor Bank, Sharjah Islamic Bank, Standard Chartered Bank
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | Mid-swaps plus 490.5 bps
|
| Trade date: | May 24
|
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