Monday, 25 July 2011 at 12:36, Reuters, Dubai
First Gulf Bank has set up a new $3.5 billion Islamic bond programme earlier this month. (VARUNA/ ALRROYA)
Abu Dhabi's First Gulf Bank has set initial price guidance for a five-year, dollar-denominated benchmark Islamic bond at 210 basis points above midswaps, a document from the lead banks showed on Monday.
Joint bookrunners for the Islamic bond, or sukuk, issue are Citibank , HSBC and Standard Chartered .
A benchmark bond is typically at least $500 million.
The company kicked off investor meetings for a potential sukuk issuance in Kuala Lampur on July 21 and will conclude its roadshow on Tuesday in Switzerland.
FGB, 67 per cent owned by Abu Dhabi's ruling family, set up a new $3.5 billion Islamic bond programme earlier this month paving the way for its first sukuk sale.
Your comments