First Gulf Bank picks banks for benchmark dollar bond issue

Hong Kong: First Gulf Bank has mandated five banks to arrange a US dollar-denominated bond offering, with initial price thoughts for the issue announced on Tuesday.

The benchmark-sized issue of five years duration is earmarked to price in the region of 100 to 105 basis points over midswaps. Benchmark size traditionally means upwards of $500 million.

Citigroup, Deutsche Bank, FGB, HSBC and ING are the bookrunners on the deal.