Dubai's Emirates NBD May Price Tier 2 Bond Monday
Now Reading
Dubai’s Emirates NBD May Price Tier 2 Bond Monday

Dubai’s Emirates NBD May Price Tier 2 Bond Monday

The dollar-denominated deal aims to boost the bank’s supplementary capital.


Emirates NBD, Dubai’s largest lender, may price a benchmark-size subordinated bond as early as Monday, a document from lead managers said, with the instrument aimed at boosting the bank’s supplementary capital.

Initial price guidance for the deal, which has a ten-year lifespan but which can be redeemed by the borrower at the end of the fifth year, has been set in the low five per cent area.

Books are open for the dollar-denominated transaction, the document added. Benchmark-size deals are traditionally worth at least $500 million.

Emirates NBD has mandated itself along with Citigroup, HSBC, JP Morgan Chase, Societe Generale and Standard Chartered to arrange the bond.

A successful sale would help Emirates NBD repay part of the Dhs12.6 billion ($3.4 billion) which it received from the government in 2008. The bank said in January that it was looking to begin repayment of the funds.


Scroll To Top