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Report: Bank of Sharjah looking to issue $500M in senior unsecured bonds

Bank of Sharjah PJSC is looking to raise about $500 million through an issuance of U.S. dollar-denominated senior unsecured securities in September or October, Bloomberg News reported, citing people with knowledge of the plan.

The United Arab Emirates-based lender plans to use the proceeds of the bond to help repay its debt maturing in June 2020, according to the sources. Bank of Sharjah's treasurer, Martin Edmonds, said the bank is evaluating several issuance options, including private placements and in currencies such as the Swiss franc.

Earlier in 2019, the lender received shareholder approval to issue a Tier I hybrid instrument. In February 2017, Bank of Sharjah issued $500 million of five-year notes, according to the report.