UAE-based First Gulf Bank (FGB) on Thursday said it sold a debut 10 billion yen ($98.2 million) bond as part of its strategy to diversify funding sources and expand into new markets.

The five-year bond carried an annual coupon of 0.863 per cent and is part of the lender's $1 billion Tokyo Pro-Bond Market Programme, it said in a statement.

HSBC and Mizuho International arranged the transaction on behalf of FGB.-Reuters