Dubai: Dubai-based Mashreqbank has hired Citi and Bank of America Merrill Lynch (BAML) as joint bookrunners for a “tap” of a $500 million (Dh1.83 billion) bond the bank issued in February, sources close to the matter said.

Under a bond tap, an existing transaction is reopened for subscription, using the same documentation as before.

The new paper is being marketed with an initial price guidance of 4 per cent to 4.1 per cent, the sources said.