Bahrain's Arab Banking mandates two banks for benchmark-sized notes

By Reshmi Basu

New York, June 29 - Bahrain-based Arab Banking Corp. (Baa2/BBB/BBB+) said it has mandated Barclays Capital and BNP Paribas for a benchmark-sized offering of senior floating-rate notes.

The deal will come off the issuer's $2.5 billion euro medium-term note program.

In November, Arab Banking sold $400 million five-year floating-rate notes at 99.821 to yield three-month Libor plus 49 basis points.

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