Saturday, May 18, 2013
(This story was originally published Thursday.)
DUBAI (Zawya Dow Jones)--Emirates NBD (EMIRATES.DFM), Dubai's biggest lender by market value, has mandated banks to arrange a series of investor meetings for a potential tier 1 bond issue, according to an arranging bank.
Bank of America Merrill Lynch, Deutsche Bank, Emirates NBD Capital, HSBC, ING and Morgan Stanley will arrange the meetings for ENBD in Europe, Asia and the U.A.E. commencing on May 20. A U.S. dollar transaction may follow subject to market conditions, the arranging bank said.
Several banks in the region have tapped the debt market this year, taking advantage of relatively low yields to raise capital and better manage their financing costs as investor appetite remains strong. Many U.A.E. banks including ENBD have also repaid in recent months government deposits they received as support in the aftermath of the global financial crisis in 2008.
ENBD in March issued a $750 million, tier 2 bond under the bank's $7.5 billion euro medium term note, or EMTN, program.
Write to Nikhil Lohade at nikhil.lohade@dowjones.com
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(END) Dow Jones Newswires
18-05-13 0640GMT
