Mashreq – Successful Pricing of US$500mn Additional Tier 1 Bond Offering

– First bank capital transaction from the UAE FIG complex in 2024. Transaction marked Mashreq’s successful return to the debt capital markets since their last issuance in 2022

– Record price tightening from IPTs of 65-75bps on the back of a robust orderbook that peaked at US$2.3bn (4.4x oversubscription)

– Transaction achieved the largest price tightening by any UAE bank in the last 5 years for an Additional Tier 1 transaction

– Offering achieved the lowest coupon by any UAE bank in the last 3 years for an Additional Tier 1 transaction

– Mashreq’s tightest ever reset margin (+270.5bps) for any of its bank capital issuances (AT1 and Tier 2), which also marks the tightest spread ever achieved on a conventional US$ AT1 benchmark issuance out of the Middle East

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