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Ahli United to raise $400m via Tier 1 bond

MANAMA, April 22, 2015

Bahrain's Ahli United Bank has set the final yield for a $400 million Tier 1 bond issue that will enhance its capital reserves and will price later on Wednesday, a document from lead arrangers showed.

The lender set a final yield of 6.875 per cent, at the tight end of previous guidance of the 7 per cent area plus or minus 12.5 basis points. It had given initial guidance at the low 7 per cent area on Tuesday. The size of the bond was initially put at a minimum of $300 million.

Ahli United, rated BBB-plus by Standard & Poor's and Fitch, has chosen Goldman Sachs, HSBC and Morgan Stanley to arrange the bond.

The perpetual, non-call five deal had commitments of over $600 million, lead arrangers said in a previous document.-Reuters




Tags: Bahrain | Ahli United Bank |

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