PHOTO
The Emirates NBD head office building is seen on Baniyas Road in Deira November 19, 2012. Image for illustrative purposes. Jumana El-Heloueh, Reuters
Dubai’s largest lender Emirates NBD is preparing for a perpetual AT1 capital securities issuance on Nasdaq Dubai and Euronext Dublin with initial price thoughts (IPTs) of 6.75%.
The non-call US dollar six-year issuance is expected to take place next week, with ADCB, BofA Securities, Citi, Emirates NBD Capital, FAB and Standard Chartered Bank acting as joint lead managers and bookrunners.
Emirates NBD is the second GCC lender to price an AT1 issuance this year. However, the first, Bahrain’s Bank ABC, dropped the issuance after IPTs of 8%, citing market conditions.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
