Emirates NBD
EMIRATESNBD
EMIRATESNBD
Dubai's largest lender Emirates NBD is planning to meet fixed-income investors in the Middle East, Asia and Europe this week and may issue a benchmark-sized, US-dollar bond, reported Dow Jones Business News quoting an arranging bank as saying.
This bond issuance comes as a response from Emirates NBD following massive demand. In an email viewed by The Wall Street Journal, the arranging bank said that Emirates NBD will most likely sell a perpetual Tier 1 bond, subject to market conditions.
It is worth noting that perpetual bonds have no maturity date, while benchmark-sized bonds usually amount to around $500 million.
The bond sale will help boost the core capital of Emirates NBD, which has a big exposure to debt-laden Dubai, which is also its single largest shareholder.
Emirates NBD has appointed itself along with Citigroup, Morgan Stanley, Standard Chartered, Deutsche Bank and Commerzbank as managers for the bond sale, reported news agency Bloomberg, quoting sources who spoke on condition of anonymity as saying.
This bond issuance comes as a response from Emirates NBD following massive demand. In an email viewed by The Wall Street Journal, the arranging bank said that Emirates NBD will most likely sell a perpetual Tier 1 bond, subject to market conditions.
It is worth noting that perpetual bonds have no maturity date, while benchmark-sized bonds usually amount to around $500 million.
The bond sale will help boost the core capital of Emirates NBD, which has a big exposure to debt-laden Dubai, which is also its single largest shareholder.
Emirates NBD has appointed itself along with Citigroup, Morgan Stanley, Standard Chartered, Deutsche Bank and Commerzbank as managers for the bond sale, reported news agency Bloomberg, quoting sources who spoke on condition of anonymity as saying.
Source:
Mubasher
