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UAE’s MashreqBank launches $500 million five-year notes to yield mid-swaps plus 175 bps
By Rebecca Melvin
New York, Feb. 19 – MashreqBank PSC launched a $500 million offering of five-year notes (A-/A) to yield mid-swaps plus 175 basis points, according to a syndicate source.
Pricing of the Regulation S deal was on the tight end of guidance of mid-swaps plus 175 bps to 180 bps and tight to initial price talk of mid-swaps plus 200 bps.
BNP Paribas, BofA Merrill Lynch, Commerzbank, MashreqBank, Nomura and Societe Generale were bookrunners for the deal, which saw order books in excess of $1.7 billion.
Final pricing was expected later Tuesday.
MashreqBank is the largest, privately owned bank in the UAE.
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