{"id":92737,"date":"2024-06-05T00:00:00","date_gmt":"2024-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/mashreqs-usd-500-mn-bond-sale-meets-heavy-demand-allows-lender-to-lock-in-the-lowest-coupon-by-a-uae-bank-in-past-three-years\/"},"modified":"2024-06-05T00:00:00","modified_gmt":"2024-06-05T00:00:00","slug":"mashreqs-usd-500-mn-bond-sale-meets-heavy-demand-allows-lender-to-lock-in-the-lowest-coupon-by-a-uae-bank-in-past-three-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/05\/mashreqs-usd-500-mn-bond-sale-meets-heavy-demand-allows-lender-to-lock-in-the-lowest-coupon-by-a-uae-bank-in-past-three-years\/","title":{"rendered":"Mashreq\u2019s USD 500 mn bond sale meets heavy demand, allows lender to lock in the lowest coupon by a UAE bank in past three years"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Mashreq\u2019s AT1 bonds were 4.4x oversubscribed: <\/strong>Our friends at Mashreq issued a USD 500 mn additional Tier 1 bond, yesterday, with an annual coupon rate of 7.125%, with a 270.5+ basis point (bps) reset margin, the lender said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/388.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The issuance carries the <strong>lowest coupon for AT1 bonds set by a bank in the UAE in the past three years.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mashreq booked USD 2.3 bn in orders for the offering, making the sale 4.4x <\/strong><strong>oversubscribed. <\/strong>The transaction saw the largest price tightening by any UAE bank for an AT1 issuance in the past five years, Mashreq said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who bought in? <\/strong>Some 77.5% of the offering was allocated to Middle East-based investors, while Europe (including the UK) snapped up some 19.5%. The balance was divided between Asian markets and offshore US interests.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound smart: <\/strong>The issuance carries Mashreq\u2019s tightest-ever reset margin (+270.5 bps) for any of its bank capital issuances (AT1 and Tier 2) \u2014 that\u2019s the tightest spread ever achieved on a conventional, USD-denominated AT1 benchmark issuance out of the Middle East. The transaction was Mashreq\u2019s first since it raised USD 300 mn in its <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/mashreq-announces-pricing-of-its-inaugural-u300mln-additional-tier-1-offering-koy91nr3\" style=\"\" rel=\"noopener\">2022 offering<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Use of proceeds: <\/strong>Mashreq will use the funds to \u201ccontinue its growth plans into 2024 and beyond,\u201d our friend Ahmed Abdelal, Mashreq\u2019s Group CEO, said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The marketing plan: <\/strong>Mashreq kicked off with a \u201cwell-attended global investor call\u201d and then pushed through \u201ca couple of days of intensive marketing\u201d that included an in-person roadshow in London. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uh, Enterprise, what are AT1 bonds?<\/strong> They're a common way for banks to raise core tier-one capital without diluting shareholders by issuing new equity. Additional tier one certificates (or \"AT1 certificates\") are a type of subordinated debt, meaning they rank below other types of bank debt in the event of liquidation. This makes them riskier than senior debt, but still gives them priority over equity holders. AT1 certificates are \u201cperpetual,\u201d having no fixed maturity date. They pay interest similarly to bonds, but can often be converted into equity under certain conditions, which is why they are often referred to as CoCos, short for \u201ccontingent convertibles,\u201d in the industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- Mashreq hired banks to advise on the issuance <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/209a156c-03e2-4f8f-8fb4-0a10e4155c42\/mashreq-bank-taps-banks-for%253cmark%253e-at1%253c%2Fmark%253e-bond-issuance\" style=\"\" rel=\"noopener\">last week<\/a><\/strong><strong>.<\/strong> The bonds will be perpetual and non-callable for 5.5 years, meaning Mashreq cannot redeem them within this period without incurring a penalty.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Mashreq appointed <strong>Abu Dhabi Commercial Bank<\/strong>, <strong>Al Ahli Bank of Kuwait<\/strong>\u2019s DIFC branch, <strong>BofA Securities<\/strong>, <strong>Citi<\/strong>, <strong>Emirates NBD Capital<\/strong>, <strong>FAB<\/strong>, <strong>Kamco Investment<\/strong> <strong>Company<\/strong>, <strong>Mashreq<\/strong>, and <strong>Mizuho <\/strong>as joint lead managers and joint bookrunners.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The issuance was 4.4x oversubscribed<\/p>\n","protected":false},"author":1,"featured_media":92738,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[1388,1391,68,7,288],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-bonds","tag-debt","tag-debt-watch","tag-enterpriseam-uae","tag-mashreq","wpautop","entry"],"acf":{"mongo_id":"e9aaf172-8e96-4648-9d5d-0f441717bdb0","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2673.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mashreq\u2019s USD 500 mn bond sale meets heavy demand, allows lender to lock in the lowest coupon by a UAE bank in past three years","related_issue":[92727],"teaser":"The issuance was 4.4x oversubscribed","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.32f573db-ba6a-42a3-a318-2d2e3ca50b68.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mashreq\u2019s USD 500 mn bond sale meets heavy demand, allows lender to lock in the lowest coupon by a UAE bank in past three years - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/05\/mashreqs-usd-500-mn-bond-sale-meets-heavy-demand-allows-lender-to-lock-in-the-lowest-coupon-by-a-uae-bank-in-past-three-years\/\" \/>\n<meta property=\"og:locale\" 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