Dubai – Mubasher: Mashreq Bank has raised $175 million by tapping a $500 million bond issued by the bank in February, Reuters reported on Wednesday.

An existing transaction is reopened for subscription, using the same documentation as before.

The Dubai-based bank appointed Citi and Bank of America Merrill Lynch as joint bookrunners for the issue.

In February, the bank started marketing dollar-dominated bonds with an initial price guidance about 200 basis points over mid-swaps.

The UAE’s lender expected to raise $500 million with the issuance.