Dubai—Dentons has advised Bank of Sharjah P.J.S.C. on its issuance of US$500 million Notes due 2029. The transaction was completed on 12 September 2024. The issuance received orders of US$1.4 billion and was just under three times oversubscribed. Dentons also advised on the related 24 July 2024 update of Bank of Sharjah's US$2.5 billion Euro Medium Term Note Programme.

The issuance was rated BBB+ by Fitch, was listed on the London Stock Exchange's International Securities Market and was offered to sophisticated investors, outside the US, in reliance on Regulation S under the US Securities Act of 1933.

Dentons also advised Bank of Sharjah P.J.S.C. on its tender offer in respect of its US$600 million Notes due 2024. Valid tenders for purchase amounted to US$280.5 million and the tender offer was successfully completed on 12 September 2024.

Debt Capital Markets partner Alex Roussos, based in Dentons' Dubai office, commented: "We are proud to have supported the bank on its recent foray into the markets and the successful proactive management of its existing liabilities. We are continuing to witness healthy demand for regional FI paper, which we expect will continue in the prospective lower interest environment – one reason being that many of our banks have now built a strong track record of accessing the bond markets and a robust investor relations ethos."

The Dentons team in Dubai was led by partner Alex Roussos, with assistance from senior legal consultant Katie Phillips, senior associate James Osun-Sanmi and associate Ben Suthers.

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