Mashreqbank set to raise $500m in bonds

Dubai: Dubai-based Mashreqbank is set to raise $500 million (Dh1.83 billion) in five-year bonds, offering investors 175 basis points over mid-swaps, a document by one of the banks leading the deal showed on Tuesday.

Mashreqbank, the largest privately owned bank in the UAE, started marketing the notes earlier on Tuesday with an initial guidance of about 200 bps over mid-swaps.

It received orders in excess of $1.8 billion, according to the document.

BNP Paribas, BofA Merrill Lynch, Commerzbank, Mashreqbank, Nomura and Societe Generale have arranged the debt sale.