First Gulf Bank (FGB), the second-largest lender by market value in the United Arab Emirates, has hired five banks for a new benchmark-sized bond sale, three sources familiar with the matter said on Tuesday.
FGB picked Citigroup Inc, HSBC Holdings, National Bank of Abu Dhabi, Deutsche Bank and Standard Chartered Plc for the deal, which is expected to be at least $500 million in size.
Strong demand for high-rated regional names and narrowing spreads in recent weeks is prompting firms like FGB to tap bond markets as they look to bring their borrowing costs down.
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