United Arab Emirates
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The bank tightened a little more than a UAE peer did on Tuesday -
The euro tranche is a refi of a bond maturing later in September
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Treasury volatility means a fair value estimate was more difficult than usual
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Bank set to issue 106.4m shares at $4.48 per share
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Only one Gulf issuer has printed a blue bond in the public market
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Strong appetite from international banks for first gigascale 24/7 solar plant
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Buyers are tiring of Gulf capital trades after a busy first half
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More AT1 supply is coming as 2026 already approaches last year's volume
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Gulf AT1 issuance is much higher than last year, tiring out investors
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The bank was set to price about 25bp over fair value
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The lender offered a premium of about 35bp to the top-tier UAE bank issuers
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Mashreq will add to a steady drip of AT1 from the Gulf
