Our friends at Mashreq are shoring up the bank’s capital base with a USD 500 mn AT1 offering, Zawya reports. The bank tapped a 10-bank syndicate to arrange the perpetual, non-call, no-grow, 5.5-year capital offering. This follows a massive USD 2 bn syndicated loan in December.

ADVISORS- Abu Dhabi Commercial Bank, ANZ, Bank of America, Barclays, Citigroup, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, Mizuho, and MUFG are advising on the offering.

MEANWHILE- Emirates NBD is back in the green debt markets, this time tapping European liquidity. The lender opened books yesterday for a benchmark-sized, five-year, EUR-denominated green bond to fund green projects, Zawya reports. Emirates NBD is currently locking in final pricing, with settlement slated for 13 February and listings planned on Euronext Dublin and Nasdaq Dubai. The Reg S-compliant notes are being marketed at mid-swaps plus 100-105 bps under the bank’s USD 20 bn EMTN program, with expected ratings of A1/A+.

Striking while the EGS bid is hot: Coming just one month after the bank’s landmark USD 1 bnblue-green issuance, the move signals a high-velocity strategy to front-load its 2026 funding requirements while the window for ESG-linked paper remains wide open.

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