Bahrain's Arab Banking plans to market dollar-denominated 10-year notes this week

By Reshmi Basu

New York, March 6 - Arab Banking Corp. (B.S.C.) plans to start investor presentations for a dollar-denominated offering of 10-year subordinated lower tier II notes (Baa2/BBB+/BBB+ issuer ratings) this week, according to a market source.

Presentations will begin in Singapore on Thursday and then in Hong Kong on Friday, in London on the following Monday and will wrap up in Frankfurt on March 13.

The floating-rate notes will be non-callable for five years. If the notes are not called, the coupon steps up by 50 basis points.

Citigroup and JP Morgan are joint bookrunners for the Regulation S deal.

Based in Manama, Kingdom of Bahrain, the issuer is an offshore commercial bank.

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