Bahrain’s Ahli United Bank Sets IPTs For Benchmark Dollar Tier 1 Bond -Leads

Bahrain’s Ahli United Bank has set initial price guidance for a benchmark U.S. dollar-denominated bond issue that will enhance its capital reserves and should price later in the week, a document from lead arrangers showed.

The lender set price guidance for the bond, which will boost its Tier 1 (core) capital, in the low 7 per cent area.

Ahli United, rated BBB-plus by Standard & Poor’s and Fitch, has chosen Goldman Sachs, HSBC and Morgan Stanley to arrange investor meetings for the bonds.

The perpetual, non-call five deal, at present has commitments from lead arrangers worth $375 million, the document showed.

The firm will finish the last leg of its investor roadshows in Zurich and Geneva on Tuesday.