Bloomberg News

First Gulf Bank Received $1.4 Billion in Bids for Islamic Bond

January 12, 2012

Jan. 12 (Bloomberg) -- First Gulf Bank PJSC, a lender controlled by Abu Dhabi’s ruling family, received $1.4 billion in bids for its $500 million Islamic bond sold yesterday.

Sixty-nine percent of the investors in the sukuk were from the Middle East, 15 percent from Europe and 16 percent from Asian markets, First Gulf Bank said in an e-mailed statement today. Commercial and investment banks bought 72 percent of the bonds, fund managers 18 percent, private banks 7 percent and insurance and pension companies 3 percent, it said.

“The proceeds will be used for general corporate purposes and to enhance our services and continue to diversify our funding base and our offerings,” First Gulf Bank Chief Executive Officer Andre Sayegh said in the statement.

Citigroup Inc., HSBC Holdings Plc, Standard Chartered Plc, National Bank of Abu Dhabi PJSC and First Gulf Bank arranged the sale.

--Editors: Claudia Maedler, Daliah Merzaban

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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