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Emirates NBD, the second largest lender in the UAE, has issued a $500 million sustainability linked loan (SLL) bond at initial price thoughts (IPTs) of Treasuries +125 bps area.
The issue date is 26 November 2024, with a maturity date of 26 November 2029.
Interest payments will commence on 26 May 2025, until maturity, every year in arrears.
Listed in Euronext Dublin and NASDAQ Dubai, the inaugural Reg S senior unsecured notes are rated A2/A+ (Moody’s/Fitch), in line with the issuer’s rating.
Emirates NBD Capital and HSBC Bank are joint sustainability structuring agents, with the latter also named as the billing and delivery bank.
Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China and Société Generale will serve as joint lead managers and joint bookrunners.
A day earlier, Emirates NBD mandated banks to issue notes under its $20 billion Euro Medium Term Note (EMTN) programme.
Emirates NBD intends to allocate an amount equal to the net proceeds of the notes to finance or refinance a portfolio, the SLL Funding Assets Portfolio.
(Writing by Bindu Rai, editing by Seban Scaria)
