GIB prices $500m bond at tight end, achieves $1.8bn book
Gulf International Bank (A3/BBB+/A) priced a $500m five year bond on Tuesday at 165bp over mid-swaps with a 2.375% coupon, the tight end of guidance. The deal was smaller than the $750m to $1bn maximum size predicted by investors but inside the price range that they had anticipated.
GIB issued the bonds slightly below par, at 99.86, after achieving an order book of $1.8bn.
The coupon puts the deal inside the October sukuk issue by slightly higher rated Qatar Islamic Bank (175bp over mid-swaps) and in line with the secondary levels of Banque Saudi Fransis 2017
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