Published: March 26, 2013
Dubai bank raises US$750mn of subordinated debt.
Emirates NBD, a Dubai banking group, has issued a subordinated bond worth US$750mn. The debt has a coupon of 4.875%, tighter than the anticipated low-5% level.
The paper, which has a maturity of 10 years but can be redeemed after five, raised orders worth US$2.8bn, a communication from the deal’s lead managers revealed. The issue will go some way to boosting the bank’s Tier 2 capital in line with Basel III requirements.
Arrangers were Citigroup, HSBC, JP Morgan, Societe Generale, Standard Chartered and Emirates NBD itself.