First Gulf Bank Follows NBAD With Middle Eastern Kangaroo Bond

First Gulf Bank PJSC is offering its first Kangaroo bond following another Middle Eastern sale earlier this month by National Bank of Abu Dhabi PJSC.

Abu Dhabi-based First Gulf is planning to issue Australian dollar-denominated notes maturing in five years, according to an e-mailed statement from Nomura Holdings Inc., which is managing the transaction along with Australia & New Zealand Banking Group Ltd. and HSBC Holdings Plc. The securities are being marketed at a yield of about 155 basis points more than the swap rate, according to two people familiar with the matter who asked not to be identified because the terms aren’t set.