7th APRIL 2015 - Vol.XXXVIII No.018
Business News

Banks picked for GIB bond issue talks

DUBAI: Gulf International Bank (GIB), majority owned by the Saudi Arabian government, has picked six banks to arrange investor meetings ahead of a potential benchmark-sized, dollar-denominated bond, lead arrangers said yesterday.

Roadshows kick off today in the UAE, before meetings in Singapore and Hong Kong, and conclude on December 3 in London.

Any bond following investor meetings will be issued under the bank's recently-updated $4 billion euro ($5.2bn) medium term notes programme, the arrangers said.

Proceeds from any potential debt issue would be used for general corporate purposes.

Benchmark-sized deals are typically at least $500 million in size.

Bahrain-based GIB has picked itself, as well as JP Morgan Chase, National Bank of Abu Dhabi, Barclays, Standard Chartered and Societe Generale, to arrange the deal.

Earlier this year, GIB conducted investor meetings in Malaysia for a possible Islamic bond, or sukuk, under a 3.5bn ringgit ($1.15bn) programme but no issue has yet materialised.

Headquartered in Bahrain, GIB is 97.2 per cent owned by the Saudi government. Other shareholders are Gulf sovereign wealth funds including Kuwait Investment Authority and Qatar Holding.

click on image to view the digital edition