Bank of Sharjah has declared that it has taken on the role of Mandated Lead Arranger and Bookrunner for a substantial $155 million Club Loan Facility designated for Daewoo Engineering & Construction Co Ltd.
Three-year facility for general corporate purposes
This three-year facility, arranged in conjunction with several other regional banks, is intended for general corporate purposes, aiding Daewoo’s working capital needs for ongoing projects around the globe.
Mohamed Khadiri, CEO of Bank of Sharjah, remarked, “This achievement reflects Bank of Sharjah’s strategic vision of supporting large international contractors by providing tailored financing solutions beyond their domestic borders.”
Haisam Mustafa, head of International & Financial Institutions, stated, “This transaction further strengthens our track record of providing financial and advisory services to major multinational corporates worldwide.”
Read more: UAE’s Bank of Sharjah achieves net profit of $46.55 million in H1 2024
Recent bond management
Earlier this month, Bank of Sharjah acted as a joint lead manager and bookrunner in the successful issuance of a EUR500 million ($516.5 million), seven-year bond for the Government of Sharjah, collaborating with various international and regional banks.
The bond issuance further attracted significant investor interest, with the order book achieving an oversubscription rate of 3.5 times. This robust demand from both international and regional investors underscores the global confidence in the creditworthiness of the Government of Sharjah.
The strong market appetite allowed the government to price the bond at a yield of 4.698 percent per annum, reflecting a notable tightening of 30 basis points from the Initial Price Thoughts (IPT).
