A subordinated debt issue by National Bank of Dubai (NBD) was priced on

19 October, following roadshows in Asia and Europe. The $500 million floating rate note, with a tenor of 10 years callable in five, had a re-offer rate of 73 basis points (bp) and a coupon of 70 bp.

Subscription came 21 per cent from the Middle East, 46 per cent from the UK and Ireland, 18 per cent from the rest of Europe and 13 per cent from Asia. The notes will be listed on the London Stock Exchange and the Dubai International Financial Exchange (DIFX). Barclays Capital and UBS were the lead managers (MEED 13:10:06).

The issue is part of NBD’s $3,000 million euro medium-term note (EMTN) programme. Emirates Bank is also planning a subordinated debt issue while Arab National Bank’s debut $500 million lower tier 2 issue was recently priced at 83 bp (MEED 20:10:06).