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The Commercial Bank of Dubai (CBD), rated Baa1 by Moody’s and A- by Fitch with a stable outlook, has mandated a consortium of banks to arrange a series of fixed-income investor meetings on a potential issuance of AT1 capital securities.
The lender has appointed Abu Dhabi Commercial Bank, Barclays, Citi, Commercial Bank of Dubai, Emirates NBD Capital, First Abu Dhabi Bank and Standard Chartered Bank as joint bookrunners and joint lead managers for the transaction.
Investor calls are scheduled to begin today. Following the meetings, CBD may proceed with a benchmark-sized, USD-denominated Reg-S perpetual non-call six-year unrated AT1 capital issuance.
A potential listing is expected on Euronext Dublin and Nasdaq Dubai.
CBD redeemed a $600 million AT1 bond back in April.
(Writing by Ahmad Mousa; editing by Bindu Rai)
