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Emirates NBD Bank (ENBD) has priced its three-year 1 billion dirham-denominated digitally native notes (DNN) at a coupon rate of 4.25%, with a reoffer price at par.
Books for the UAE lender’s debut dirham DNN were in excess of AED1.3 billion, excluding JLM interest.
The benchmark-sized Regulation S issuance will come under ENBD’s $20 billion Euro Medium Term Note Programme, with the DNN clearing through the Euroclear Digital Financial Market Infrastructure (D-FMI).
A Nasdaq Dubai listing will follow.
The UAE lender, rated A1 (stable) by Moody’s and A+ (stable) by Fitch, mandated Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Standard Chartered Bank as joint lead managers and joint bookrunners.
Emirates NBD Capital and Standard Chartered Bank are acting as joint DNN structurers.
This is ENBD’s second issuance in January, with the UAE lender raising $1 billion last week through blue and green sustainability-linked bonds, with an orderbook in excess of $2 billion.
(Writing by Bindu Rai, editing by Seban Scaria)
