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Emirates NBD, the UAE’s second largest lender by total assets, has tightened the price on its $600 million Australian dollars ($391 million) 10-year fixed benchmark senior unsecured Kangaroo bond that launched today.
The spread is set at asset swaps plus 185bps, with an exchange of futures for physical (EFP) at +164.3 (June) and +160.3 (September).
The coupon rate is set at 5.913%.
The final orderbook is in excess of $1.19 billion Australian dollars ($775 million), inclusive of an AUS $50 million JLM demand.
The expected issue rating is A1 / A+ (Moody’s / Fitch), in line with the bank’s rating.
Emirates NBD Capital, Mizuho, and Nomura have been appointed joint lead managers and joint bookrunners on the bond issuance.
The issuance comes under ENBD’s AUS $4 billion Kangaroo Debt Issuance Programme.
(Writing by Bindu Rai, editing by Seban Scaria)
