Emirates NBD gets $3bn orderbook for $1bn bond issue

26 March 2012

Dubai-based lender prices $1bn bond at 337.5 basis points

Dubai-based bank Emirates NBD has issued a $1bn five-year bond after receiving bids from investors totalling about $3bn.

The deal marks the third time the bank has tapped capital markets in 2012 alone.

The latest bond was priced at 337.5 basis points above the mid-swap rate, with a coupon of 4.625 per cent. Regional investors made up the bulk of the offering, taking 49 per cent of the bond. Asian investors took 19 per cent and European and others took the rest.

The $1bn bond was arranged by the UK’s HSBC, Germany’s Deutsche Bank, the local Emirates NBD Capital and National Bank of Abu Dhabi, and the US’ Bank of America Merrill Lynch.

In January, Emirates NBD launched a $500m sukuk (Islamic bond) issue, while in March, it completed a 1bn yuan deal in China.

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