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CBD issues $600m Additional Tier 1 perpetual bonds

CBD issues $600m Additional Tier 1 perpetual bonds
The bonds have attracted a quality order book of more than $1.4bn
CBD
CBD
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Dubai – Mubasher: Commercial Bank of Dubai (CBD) has issued a $600 million Additional Tier 1 perpetual non-call six-year bonds, according to the bank's disclosure to the Dubai Financial Market (DFM) on Thursday.

To be listed on the Euronext Dublin and Nasdaq Dubai, the bonds have attracted a quality order book of more than $1.4 billion from over 100 investors.

The bonds were issued at a price of 6%, which is the lowest coupon from the CBD to dates.

The issuance will help the bank to further explore future business opportunities in the coming years.

It is noteworthy to mention that during the first half (H1) of 2020, the bank's net profits dropped to AED 530.431 million, compared to AED 701.15 million in the same period of 2019.