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Abu Dhabi-based Union National Bank sells $500M in senior unsecured bonds

Abu Dhabi-based Union National Bank PJSC sold $500 million in senior unsecured bonds, marking its first debt issuance in two years, The National reported March 8.

The notes, which will mature in five years, carry a 4% coupon. They were sold at a price equivalent to 135 basis points above the five-year U.S. dollar midswap rate, against an initial guidance of 150 basis points above the midswap rate. Middle Eastern and European investors comprised 50% and 22% of the buyers, respectively, the newspaper added.

ANZ, Commerzbank, First Abu Dhabi Bank, HSBC, Mizuho and Standard Chartered Bank acted as joint book runners and joint lead managers for the transaction, The National said.