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Hind Al Soulia - Riyadh - DUBAI — SHUAA Capital, a leading asset management and investment banking platform in the Middle East, announced that it has successfully priced a $150 million bond issuance. The bond priced with a coupon of 7.5 percent will be the first high yield issuance in MENA since the onset of the COVID-19 pandemic in March 2020.
The bond has attracted significant institutional interest across the MENA/GCC region and beyond. It will be listed on the London Stock Exchange’s International Securities Market (the ISM) and admission to the ISM expected to happen on or around 28th October 2020.
Jassim Alseddiqi, chief executive officer of SHUAA, commented: "SHUAA has continued to make strong progress along our 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."
Joachim Mueller, chief financial and risk officer, said, "We have set out a clear roadmap for SHUAA’s future growth, combined with rigorous corporate governance and a commitment to fortifying our 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."
The issuance will see SHUAA raise the full $150 million approved by shareholders at a general assembly of the company held on Oct. 14.
The deal was led by Standard Chartered Bank and First Abu Dhabi Bank 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. — WAM
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