Commercial Bank of Dubai hires banks for perpetual bonds

The group of banks includes Citi, Standard Chartered, Barclays, Emirates NBD, First Abu Dhabi Bank, and Nomura

  
A man cleans the windows of a branch of the Commercial Bank of Dubai on Baniyas Road in Dubai February 6, 2012.

A man cleans the windows of a branch of the Commercial Bank of Dubai on Baniyas Road in Dubai February 6, 2012.

REUTERS/Nikhil Monteiro

DUBAI  - Commercial Bank of Dubai has hired a group of banks to arrange a global investor call ahead of a potential issuance of U.S. dollar-denominated perpetual bonds, a document showed on Monday.

The additional Tier 1 benchmark bonds would be non-callable for six years, according to the document issued by one of the banks leading the deal and seen by Reuters.

Perpetual bonds are similar to an equity instrument, which don't have any maturity date.

The group of banks includes Citi, Standard Chartered, Barclays, Emirates NBD, First Abu Dhabi Bank, and Nomura, the document showed.

Benchmark bonds are generally meant to be at least $500 million in size.

(Reporting by Davide Barbuscia; Editing by Rashmi Aich) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

More From Financial Services