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|13 March, 2019

Emirates NBD targets $1bln with perpetual bond sale -document

The bank has mandated BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Nomura and Standard Chartered Bank to arrange the issue.

A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

REUTERS/Satish Kumar

DUBAI- Emirates NBD, Dubai's largest bank, is planning to raise $1 billion through the sale of bonds with a 6.125 percent yield, a document issued by one of the banks leading the deal showed.

The deal, which has received 3.85 billion in orders, will be an Additional Tier 1 perpetual bond not callable for six years.

Perpetual bonds are similar to an equity instrument in that they have no maturity.

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The bank has mandated BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Nomura and Standard Chartered Bank to arrange the issue.

(Reporting by Davide Barbuscia; Editing by Kirsten Donovan) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))

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