DUBAI: Emirates NBD (ENBD), Dubai's largest lender, set price guidance on its Tier 1 capital-boosting bond in the area of 6.5 percent on Wednesday, and has attracted orders in excess of $1 billion, according to lead managers.
The bond was initially marked on Tuesday in the mid-6 percent area via Citigroup, Commerzbank, Deutsche Bank, Morgan Stanley, Standard Chartered and Emirates NBD's own investment banking arm.
The offer is rated Baa1 by Moody's and A-plus by Fitch, and is expected to price on Wednesday.
The perpetual can be bought back by the lender after the sixth year, and is expected to be $500 million in size.
Global books are expected to close at 1000 GMT on Wednesday. (Reuters)
