Our friends at Mashreq just closed their largest funding transaction of all time — and their first syndicated loan in 11 years — raising USD 2 bn in a dual-tranche facility, according to a post on LinkedIn. The funds will be used to “support Mashreq’s strong growth in loans and advances,” Group CFO Norman Tambach told us. The lender says the loan ranks among the largest syndicated loans by any GCC lender over the past five years.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The offering, comprising three and five-year tranches, was 3x oversubscribed, drawing interest from over 30 international lenders. Tambach told us that Mashreq targeted Asian investors as the bank looks to broaden its investment base.

Mashreq last tapped the bond market in April — its only other debt sale this year — with over 90 investors placing nearly 6x more orders than the bank needed for its USD 500 mn sukuk issuance, its most heavily-subscribed offering yet.

Tags: