By Rebecca Melvin
New York, Feb. 19 – MashreqBank PSC priced $500 million 4¼% five-year notes (A-/A) on Tuesday at 99.773 to yield 4.301%, or a spread of 175 basis points over mid-swaps, according to a syndicate source.
Pricing of the Regulation S deal was on the tight end of guidance for yield spread of mid-swaps plus 175 bps to 180 bps and tighter than initial price talk in the area of mid-swaps plus 200 bps.
BNP Paribas, BofA Merrill Lynch, Commerzbank, MashreqBank, Nomura and Societe Generale were bookrunners for the deal, which saw orders in excess of $1.7 billion.
MashreqBank is the largest privately owned bank in the UAE.
| Issuer: | Mashreqbank PSC
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Feb. 26, 2024
|
| Bookrunners: | BNP Paribas, BofA Merrill Lynch, Commerzbank, MashreqBank, Nomura and Societe Generale
|
| Distribution rate: | 4¼%
|
| Price: | 99.773
|
| Yield: | 4.301%
|
| Spread: | Mid-swaps plus 175 bps
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 26
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 175 bps to 180 bps; initial talk in 200 bps area
|
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