Byblos’ ten-year Eurobond raises $300 million

Subscriptions to USD-denominated Eurobonds doubled the original target

Byblos Bank announced that subscriptions to its ten-year US dollar-denominated Eurobond reached $300 million, twice the original target of $150 million. The bank said that the size of the issue was raised to $300 million in order to meet the high demand for the bond.

“The majority percent of subscriptions were made by Lebanese investors,” an official at the bank said declining to give further details.

Retail investors accounted for 59 percent of subscriptions, while institutional investors subscribed to 41 percent of the total. The bond carries an annual coupon rate of seven percent to be paid semi-annually.

The bond, which matures in 2021, will be listed on the Beirut Stock Exchange as well as an international stock market. It will have a secondary market and holders will be able to sell at any moment at market prices.

Byblos Bank reported consolidated net profits of $84 million in the first half of 2011, up by 16 percent from the same period last year.