United Arab Emirates-based Mashreqbank PSC issued $175 million in bonds, Reuters reported, citing a document issued by one of the banks leading the deal.

The new bonds will be issued at a yield of 3.95% and are a tap issue to the company's $500 million bond issuance in February. The $500 million notes were priced with a coupon of 4.25% and mature Feb. 26, 2024.

Citi and Bank of America Merrill Lynch were the joint book runners of the bond tap issue.