Standard Chartered, FAB global coordinators
DUBAI/October 22-2020: SHUAA Capital, the leading asset management and investment banking platform in the region, has successfully priced a $150 million bond issuance, according to an official statement from the company.
The bond, which was priced with a coupon of 7.5 per cent, will be the first high-yield issuance in MENA since the onset of the COVID-19 pandemic in March 2020.
The company said the bond has attracted significant institutional interest across the MENA/GCC region and beyond. It will be listed on the London Stock Exchange’s (LSE) International Securities Market (the ISM) and admission to the ISM expected to happen on or around October 28 2020.
The deal was led by Standard Chartered Bank and First Abu Dhabi Bank (FAB) as Global Coordinators. Bank of Sharjah, Emirates NBD Capital, First Abu Dhabi Bank, Mashreqbank and Standard Chartered Bank acted as Joint Lead Managers.
Simmons & Simmons acted as legal counsel to SHUAA and Dentons & Co acted as legal counsel to the Global Coordinators and Joint Lead Managers.
Jassim Alseddiqi, Chief Executive Officer of SHUAA, said the company has continued to make strong progress along its path of value creation even during the challenges arising from the COVID-19 pandemic.
“We have recently launched a number of new funds, which reinforce our position as the market leader in asset management and investment banking in the region, as well as delivering on our stated intention to focus our business on recurring revenues and low capital intensity business,” Alseddiqi said
Joachim Mueller, Chief Financial and Risk Officer of SHUAA Capital said the company has set out a clear roadmap for SHUAA’s future growth, combined with rigorous corporate governance and a commitment to fortifying its balance sheet.
“Together, this represents a compelling proposition for investors and has contributed to the success of the bond issuance, which will support our ambitions and strengthens our financial position going forward,” Mueller added.