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UAE’s Union National Bank launches benchmark five-year dollar bond

Abu Dhabi's Union National Bank (UNB) has launched a benchmark-sized five-year dollar-denominated bond, with pricing due to take place this week, Reuters has reported, citing two lead bankers. The bank has selected Citi, Deutsche Bank, HSBC, National Bank of Abu Dhabi and Standard Chartered for the trade, with books currently open to orders from investors. Capital raised from the bond issue will be used to help repay a $1bn loan which is due to mature in December.