The first drawdown of the euro medium-term note (EMTN) programme of Union National Bank (UNB)was launched on 15 July, priced at 35 basis points (bp) over Libor with a reoffer rate of 41 bp. Citigroupand HSBC are the lead managers (MEED 24:6:05).

UNB had planned a $300 million issue but took $400 million after receiving offers in excess of $600 million. The tenor is five years. Subscription came 35 per cent from continental Europe, 18 per cent from the UK, 20 per cent from Asia and 27 per cent from within the region, with most of the demand coming from banks.

UNB's EMTN programme is valued at $1,500 million. The instrument is becoming increasingly popular among Gulf banks: in mid-July, Bank of Bahrain & Kuwaitbecame the latest bank to announce its intention to launch a $1,000 million issue.