Published: September 10, 2014
Perpetual bond order book closes at US$1.1bn.
Emirates NBD’s perpetual tier 1 bond has raised the UAE-based bank US$500mn.
The notes are callable by the issuer after six years and on every subsequent coupon date. They priced with coupon of 6.375%, tighter than initial guidance of 6.5%.
The deal closed with an orderbook of US$1.1bn. Some 44% of the bonds were sold to investors in Asia; 32% to Europe; 16% to the UK; and 8% to the Middle East.
Morgan Stanley and Standard Chartered Bank acted as global coordinators, while Citi, Commerzbank, Deutsche Bank, Emirates NBD Capital, Morgan Stanley and Standard Chartered were joint lead managers.