FGB picks banks for investor meetings
Dubai, November 1, 2010
Abu Dhabi lender First Gulf Bank (FGB) has mandated banks to arrange investor meetings starting November 3 and a bond sale could follow as the regional issue pipeline shows little sign of slowing down.
FGB hired HSBC, Citi, BNP Paribas, Deutsche Bank and National Bank of Abu Dhabi (NBAD) to arrange the meetings, according to a statement sent by the banks to investors and seen by Reuters.
The investor meetings will cover Asia, Europe and the Middle East, and kick off in Hong Kong on Wednesday.
Abu Dhabi's ruling family owns 66.7 per cent of FGB, which reported a 9-per cent fall in third quarter profit last week on lower revenues from subsidiaries, but beat analyst forecasts.
FGB last came to the market a year ago with a $500 million three year bond carrying a coupon of 4 per cent. The bond was sold under the bank's $3.5 billion euro medium-term note (EMTN) programme.
Shares in FGB were trading 1.5 per cent lower at 0851 GMT.-Reuters
More Finance & Capital Market Stories
- Oman 'must consider fiscal reforms as priority'
- Qatar Exchange to start trading govt bonds
- NBK opens new branch in UAE
- Dubai utility repays $871m Islamic bond
- Investcorp buys stake in Saudi energy firm
- Tunisia to spend over $1bn to recapitalise banks
- UAE revives proposal to merge stock exchanges
- Saudi non oil exports hit $4.74bn in April
- Global Takaful market to hit $20bn
- NBAD launches new Dubai branch