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The Arab Bank for Investment and Foreign Trade, known as Al Masraf, has mandated Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Standard Chartered Bank as joint global coordinators. RAKBANK has been appointed as joint lead manager and joint bookrunner for the transaction. Investor calls are set to commence on the same day as the mandate announcement with a view to launching the deal subject to market conditions. The UAE bank is 60 percent owned by the federal government via the Emirates Investment Authority and carries an A rating with stable outlook from Fitch.
The planned issuance is a five-year senior unsecured fixed rate bond in Reg S format under the lender’s $5 billion Euro Medium Term Note programme. According to the Zawya report, the bonds are expected to be rated in line with the issuer and the proceeds will be used for general corporate purposes. The transaction will be conducted in compliance with FCA and ICMA stabilisation guidelines. The bonds will be listed on the London Stock Exchange’s International Securities Market as well as Nasdaq Dubai.
This debut bond sale by Al Masraf comes as UAE banks continue to actively access international debt markets. Zawya reported that First Abu Dhabi Bank had opened books for its own five-year USD benchmark bond earlier in January 2026 with initial price thoughts at Treasuries plus 95 basis points. Mashreqbank, acting as a coordinator on the Al Masraf transaction, had earlier in the year mandated banks for its own $500 million perpetual non-call 5.5 year Additional Tier 1 notes offering.
Zawya has reported multiple similar deals from the region that have seen strong oversubscription rates in recent months, illustrating robust investor appetite for paper from Gulf financial institutions amid favorable market conditions. The trend allows banks to diversify their funding base beyond traditional deposit growth. Such activity reflects the depth of demand for high-quality credits from the UAE and wider GCC.
Al Masraf’s move is part of a broader pattern where government-related entities tap capital markets to support expansion and general operations, a Zawya assessment found. The bank’s federal charter distinguishes it within the UAE’s competitive banking landscape. Industry participants expect the benchmark transaction to set a pricing reference for similar credits going forward.
The involvement of a diverse syndicate including both local and international names is designed to maximise the deal’s distribution, according to the report. Such coordination has become standard practice for benchmark sized offerings in the GCC. The listings on premium venues are intended to attract a wide range of global investors.
