Floating-rate notes (FRNs) issued by Riyad Bank and Mashreqbank, part of euro medium-term note (EMTN) programmes, have been priced. The Kuwait Projects Company (Kipco) bond, priced in early April, has also been increased in size.

Mashreqbank’s five-year, $300 million FRN was priced at 40 basis points (bp) over Libor. Subscription came 39 per cent from Europe, 24 per cent from Asia and 26 per cent from the GCC. Credit Suisse First Boston and Morgan Stanley were the arrangers (MEED 17:3:06).

Mashreqbank, one of the first Gulf financial institutions to launch an EMTN programme, has increased the size of its programme to $2,000 million from the $750 million initially envisaged.

Riyad Bank in mid-April issued a $500 million FRN out of a planned $1,600 million programme. The five-year paper was priced at 36 bp. Bank of America and JP Morgan were the bookrunners (MEED 7:4:06).

Kipco’s first EMTN drawdown was priced at 95 bp in early April when its size was $225 million. However, the company subsequently tapped a further $125 million, taking the instrument’s size to $350 million. BNP Paribas, Dresdner Kleinwort Wasserstein and HSBC were the arrangers (MEED 14:4:06).