Mashreq Bank, listed in Dubai, issued $500 million in additional permanent debt instruments that are not callable for five and a half years, according to a banking document. The debt instruments from the first tranche will be priced at a yield of 7.125%, slightly higher than the initial indicative price of 7% that was previously disclosed for the issuance. This attracted orders of more than $2.3 billion. The proceeds from the debt instruments will be used for the institution’s general purposes and to strengthen its capital base. The pricing of the debt instruments is expected to be finalized later in the day.
Mashreq appointed Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait (DIFC Branch), Bank of America Securities, Emirates NBD Capital, First Abu Dhabi Bank, Kamco Investment Company, Mashreq, and Mizuho as joint lead managers and bookrunners for the issuance.
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