Commentary & Deal Flow

Reoffer: 5yr: T+115bp / 99.523 / 5.736%
Benchmark: 5yr: T 4 ⅜ 31-Aug-31 @ 99-02¼ / 4.586%

Launched: 5yr: US$500m @ T+115bp
IPTs: 5yr: T+145a

• Issuer: Mashreqbank psc
• Issuer Ratings: A3 Stable (Moody’s) / A Stable (S&P) / A Stable (Fitch)
• Expected Issue Ratings: A (S&P) / A (Fitch)
• Format: Regulation S, Bearer, Category 2, TEFRA D
• Ranking: Senior Unsecured
• Issue Size: US$ 500 mn
• Tenor: 5-year
• Pricing Date: 9-Sep-26
• Issue Date / Settlement Date: 16-Sep-26 (T+5)
• Maturity Date: 16-Sep-31
• Coupon: 5.625% (Fixed Rate, SA, 30/360)
• Interest Payment Dates: 16 March and 16 September in every year, commencing on 16-Mar-27
• Documentation: Base prospectus dated 25-Mar-26 relating to the Issuer’s U.S.$5,000,000,000 Euro Medium Term Note Programme, as supplemented by the supplement thereto dated 7-Sep-26 (together, the “Base Prospectus”)
• Use of Proceeds: The net proceeds from the issue of the Notes will be used for the general corporate purposes of the Issuer
• Denominations: U.S.$200,000 and integral multiples of U.S.$1,000 thereafter
• Business Days: Dubai, New York City and London
• Governing Law: English Law
• Listing: Luxembourg Stock Exchange (Regulated Market) and Nasdaq Dubai
• Clearing Systems: Euroclear and Clearstream, Luxembourg
• Form of Notes: Bearer form evidenced by a Permanent Global Note
• ISIN / Common Code: XS3506239907 / 350623990
• Stabilisation: FCA/ICMA
• Joint Lead Managers: ADCB, ANZ, Barclays, BBVA, BofA Securities, Emirates NBD Capital, First Abu Dhabi Bank, ICBC, Mashreq, MUFG, Société Générale and Standard Chartered Bank
• Billing & Delivery: BofA Securities
• Timing: TOE 15:49 LDN, FTT 08.00 LDN 10-Sep-26
• Manufacturer Target Market (UK MiFIR product governance and EU MiFID II product governance): Eligible counterparties and professional clients only (all distribution channels)