Abu Dhabi-listed Union National Bank will sell an additional $250 million in bonds to its existing 2016 maturity, arranging banks said on Wednesday. The bond was launched at 2.65 percent, slightly tighter than guidance indicated earlier in the day, signalling demand for the deal was healthy.
A tap means the new bond is issued at original face value, maturity and coupon but sold at current market price.
Yields on UNB's $400 million 2016 bond, which carries a coupon of 3.875 percent, have tightened this year, thus lowering the issuer's borrowing costs.
The bond was bid at 104.5 cents on the dollar on Wednesday afternoon, to yield 2.64 percent, according to data provided by Deutsche Bank Autobahn.
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