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Noor Bank Marks Productive Participation in 2018 Edition of Bonds, Loans & Sukuk Middle East |
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Noor Bank, one of the leading Shari’a compliant banks in the UAE, marked yet another successful outing at the 2018 Bonds, Loans & Sukuk Middle East conference, the definitive event for the financial, legal and insurance industry in the region. Joining as a gold sponsor, Noor Bank participated in the two-day event with members from the bank’s investment banking, corporate banking and treasury department leveraging the platform to network with leading issuers, investors and senior bankers. Hamid Butt, Head of Investment Banking, Noor Bank, said: “Each year, the Bonds, Loans & Sukuk Middle East conference offers a wealth of networking opportunities that promote the exchange of ideas related to the region’s banking and finance practice. Through our participation this year, we successfully engaged with potential, like-minded clients, and look forward to establishing long-term collaborations with them.” As part of the event, Damian White, Treasurer of Noor Bank, participated in a panel discussion with other industry leaders to examine capital markets strategy at sovereign, corporate, and project levels. The panellists also shared their views on the outlook for growth, capex and refinancing, while providing projections for the sukuk market, as well as prospects for long-term US dollar funding and non-US dollar funding. Organised by GFC Media Group, the Bonds, Loans & Sukuk Middle East conference annually convenes over 1,200 regional high-profile issuers, investors, bankers, legal advisors and rating agencies to analyse the latest developments in the local and international bonds, syndicated finance and sukuk markets. Earlier in April, Noor Bank successfully priced its US$500 million sukuk issuance with a five-year tenor. The benchmark-sized, senior unsubordinated sukuk with a wakala structure was priced with a profit rate of 4.471 per cent, equivalent to five-year mid-swaps plus 165 bps. The issuance was oversubscribed 2.1 times, receiving orders of US$1.07 billion from 50 bids across a diverse group of investors that included one third from outside the Middle East. |
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