UNB pricing $400m five year bond

Abu Dhabi's Union National Bank has launched a $400 million five-year bond, with pricing due on Wednesday, a lead manager confirmed.

The bond is set to price at 287.5 basis points over midswaps, in line with previous day's price talk.

Leads indicated on Tuesday that the issue would be benchmark in size - typically $500m or above - which means the deal has been downsized in target value.

Citigroup , Deutsche Bank, HSBC , National Bank of Abu Dhabi and Standard Chartered are lead arrangers for the bond.