Lebanon’s Byblos Bank has closed a $100 million 10-year subordinated participating bonds issuance. The bonds offer to investors a structure consisting of a nine percent coupon payable on a quarterly basis and a five percent income participation in the Bank's net income.
The bonds, which are classified as Tier II Capital because of their subordinated status and their maturity, will increase Byblos Bank's equity from $288 million to $388 million, thereby raising the Bank's solvency ratio from 15.27 percent to 21.4 percent.
Listed on the Luxembourg stock exchange and lead managed by sole bookrunner J.P. Morgan and Natexis Banques Populaires, the issue was subscribed by 1,012 investors and was mainly directed towards the Bank's retail network who contributed to around 79 percent of the placement. In addition, 15.8 percent of the subscriptions originated from outside Lebanon. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
