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Emirates NBD sets initial price thoughts on tier 1 perpetual bond

Emirates NBD sets initial price thoughts on tier 1 perpetual bond
Emirates NBD
EMIRATESNBD
1.16% 17.50 0.20
Dubai’s largest lender Emirates NBD (ENBD) has set initial price thoughts in the mid-six per cent area for its Tier 1 capital-boosting bond issue, a document from lead managers showed on Tuesday, according to Reuters.
The U.S. dollar transaction, which has a perpetual tenor but can be bought back by the lender after the sixth year, will be of benchmark size – traditionally understood to mean worth upwards of $500 million.
Emirates NBD, rated Baa1 by Moody’s and A-plus by Fitch, had chosen Citigroup, Commerzbank, Deutsche Bank , Morgan Stanley, Standard Chartered and its own investment banking arm to arrange investor meetings.