Allocation Policy

It reflects Mashreq position globally and is applicable to all debt securities offerings by way of a best efforts book building exercise.

Conflict Management

As a policy, Mashreq has a number of arrangements in place to manage the competing interests of its issuer clients, investor clients and internal desk(s) during a debt securities offering. These arrangements include the separation of the Debt Capital Markets and Sales and Trading teams involved in the offering by way of physical barriers, information barriers and role distinction. Mashreq also has procedures in place to control the flow and oversight of information communicated between these different teams as per its Chinese Walls arrangements / controls in line with the bank’s Conflict Of Interest Policy.

Allocation Principles

In allocating debt securities to investors, Mashreqbank does not adhere to a fixed quantifiable methodology. It is generally based on judgement and an assessment of the merits of allocating to a particular investor and would expect to observe one or more of the following principles:

Issuer clients’ requirements and preferences will take precedence

Allocation will be made on an equitable and fair basis

Allocation will not be made with reference to or in consideration of any actual or promised, past or future revenue

Allocation will not be made as compensation or award for participation in any transaction

The size of an investor’s expressed interest

Price limits set by potential investors

The investment profile which the potential investor falls under

The geographic location of the investor and the timeliness of the investor’s indication of interest

The trading patterns of the investor in comparable offerings

Quality, general investment philosophy and areas of specialisation of the potential investor(s), including their investment strategy, purchasing capacity, expected holding period, and past dealing and / or ownership in other debt securities of the issuer or industry sector

The nature and level of interest shown by a particular investor in the issuer and the offering, for example its involvement in issuer road shows and the quality and timeliness of feedback

Where applicable, allocation of orders from Mashreqbank internal desks will not be treated favourably ahead of orders from clients with similar investment characteristics

Customer care