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Shuttleworth: National Commercial Bank has achieved diversification aim |
Gulf banks have been busy in the debt capital markets. First off the blocks was Bahrain’s Gulf International Bank issued a $400 million 10-year non-call five subordinated floating-rate note on the London Stock Exchange. Then Saudi Arabia’s National Commercial Bank (NCB) launched a $700 million, five-year bond. Gulf International’s FRN, which has been rated Baa1 by Moody’s, BBB+ by Standard and Poor’s (S&P) and BBB by Fitch, was lead managed by Barclays Capital and Citigroup.
The bank described the issue as a “groundbreaking transaction representing the very first subordinated bond issue by a Middle Eastern financial institution.”
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