By Reshmi Basu
New York, March 21 - Arab Banking Corp. (B.S.C.) placed a $500 million offering of 10-year subordinated lower tier II notes (Baa2/BBB+/BBB+ issuer ratings) at 99.914 with a coupon of three-month Libor plus 85 basis points, according to a market source.
The floating-rate notes will be non-callable for five years. If the notes are not called, the coupon steps up by 50 bps.
Citigroup and JP Morgan were joint bookrunners for the Regulation S deal, which was issued under the issuer's $2.5 billion euro medium-term note program.
Based in Manama, Kingdom of Bahrain, the issuer is an offshore commercial bank.
| Issuer: | Arab Banking Corp.
|
| Amount: | $500 million
|
| Issue: | Floating-rate notes
|
| Maturity: | April 4, 2017
|
| Coupon: | Three-month Libor plus 85 bps
|
| Issue price: | 99.914
|
| Call option: | Callable on April 4, 2012, if not called, coupon steps up by 50 bps
|
| Joint bookrunners: | Citigroup, JP Morgan
|
| Pricing date: | March 21
|
| Settlement date: | April 4
|
| Distribution: | Regulation S
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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