May 22, 2019 / 2:05 PM / a month ago

Dubai's Mashreqbank raises $175 mln with bond reopening

DUBAI, May 22 (Reuters) - Dubai's Mashreqbank has raised $175 million via a "tap" of a $500 million bond the bank issued in February which is due in 2024, a document issued by one of the banks leading the deal showed.

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

Mashreq hired Citi and Bank of America Merrill Lynch as joint bookrunners for the issue, which is $175 million in size and offers a yield of 3.95 percent, according to the document.

Reporting by Davide Barbuscia; Editing by Susan Fenton

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