Guests included members of the HSBC debt capital markets team from Dubai, who acted as Lead Manager on the transaction as well as the legal counsel from Reed Smith in Abu Dhabi.
The transaction involved BBK offering to buy back their existing subordinated bond maturing in 2017 and replacing it with a new senior bond maturing in 2018. The participation rate of investors was 85.2%, which was exceptionally high compared to other similar transactions.
“We are very pleased to have achieved such a high rate of participation which not only allows
BBK to extend its liability profile, but also serves to provide a stable foundation for future growth,” A. Karim Bucheery, BBK Chief Executive, said.
“We are also very satisfied that HSBC debt capital markets team in Dubai has nominated the transaction for “Deal of the Year” in the “Middle East and Africa” category of the Euromoney Financial Awards,” A. Karim, added.