First Gulf five year struggles in secondary
First Gulf Bank priced a well subscribed $500m long five year bond this week and although the deal traded down in the secondary market, the bookrunners argued it was in line with broader weakness in the Middle East bond market.
Bank of America Merrill Lynch, Citi, Deutsche Bank, First Gulf Bank and HSBC priced the Reg S bond at 180bp over mid swaps on Tuesday afternoon, after approaching investors with initial price thoughts in the 185bp over area that morning.
The deal drew $1.4bn in orders and debt bankers
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