Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 31 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
FGB sets up $1b Singapore programme to fund Asian expansion
April 16, 2014
 Print    Send to Friend

ABU DHABI: First Gulf Bank, the United Arab Emirates’ third-biggest lender, said its Singapore branch has set up a negotiable certificates of deposit (NCD) programme for as much as $1 billion to expand in Asia Pacific.

 The certificates, instruments used by banks to raise money for short periods, may be issued in multiple currencies and will allow FGB to “reach out to a wider range of institutional investors,” the bank said in a statement.

The Singapore branch is playing an important role in FGB’s plans to expand internationally and benefit from growing trade between Asia and the Middle East, according to today’s statement. The lender plans to raise the contribution of profit from its international business to double digits by 2017 from 5 per cent in 2012, Chief Executive Officer Andre Sayegh said last year.

The certificates of deposit programme was arranged by FGB’s Singapore branch and Standard Chartered Plc, the lender said.

Dealers are ANZ Bank Ltd., BNP Paribas SA, Commerzbank AG, DBS Bank Ltd., Nomura Holdings Inc. and WestPac Banking Corp., according to the statement. FGB last month raised A$250 million from the sale of five-year Kangaroo bonds.

FGB Singapore branch acts as a hub for all of the Bank’s Asia-Pacific activities, with the Hong Kong Representative Office reporting to the Singapore Branch, and complements FBG’s presence in Libya, Qatar and India.

Transaction


Earlier the bank concluded the issuance of A$250 million ($228.35 million) for its debut ‘Kangaroo’ 5-year bond. The transaction took place on March 24, registering a final price for the bonds at 155 basis points above interpolated midswaps (bps). The bonds are set to mature on April 1, 2019.

The bonds have a long-term rating of A+ by Fitch and A2 by Moody’s, considered for both and are listed with coupons at a fixed interest rate of 5 per cent p.a.

FGB’s bonds have received highly positive endorsement from global investors with a total demand of A$375 million.

Agencies

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright