PHOTO
Emirates NBD (ENBD) priced its $750 million Regulation S perpetual non call six-year AT1 bond at par to yield 6.25% over a 4.073% benchmark, from IPTs in the 6.75% area.
The orderbook peaked more than $2.5 billion before finalising at $1.8 billion, excluding JLM interest.
A listing on Euronext Dublin and Nasdaq Dubai will follow.
The pricing on ENBD’s latest issuance follows a similar format to the bank’s $1 billion AT1 capital securities issued in February 2025 that was priced at 6.25%, with its first call date set for August 2030.
Abu Dhabi Commercial Bank, Barclays, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and JP Morgan are the mandated joint lead managers and bookrunners on the current benchmark fixed rate resettable issuance.
(Writing by Bindu Rai, editing by Seban Scaria)
