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Dubai-based lender Mashreqbank priced a $500 million Reg S perpetual non call 5.5 year Additional Tier 1 capital security at 6.25%, following strong investor interest.
Pricing for the unrated securities was set over the interpolated 5.5 year US Treasury, with a benchmark yield of 3.734%. Guidance was set between 6.75%-6.875%.
Final books exceeded $1.35 billion (excluding JLM interest).
Mashreqbank, the oldest local commercial bank in the UAE, holds long term ratings of A3 (Stable) from Moody’s, A (Stable) from S&P, and A (Stable) from Fitch.
Writing by Brinda Darasha; editing by Seban Scaria)
