HSBC Middle East to price $300m 5-year bond

HSBC Bank Middle East set pricing for a $300 million five-year bond offering at the tighter end of its initial guidance, with the deal to complete later on Tuesday, a document from the bank showed.

The lender, rated A2 by Moody's and AA- by Fitch, had set initial price guidance at between 85 basis points and 90 basis points over mid-swaps earlier in the day.

The order book was oversubscribed, according to the document, without specifying the size of the orders. HSBC is the sole book runner and lead manager.

The bank follows a string of UAE borrowers accessing the international debt market as favourable market conditions have pushed borrowing costs to record lows.

Issuance is however expected to taper off ahead of the Muslim festival of Eid Al Adha, which falls in the first week of October.  


 

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