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Emirates NBD to issue 3-year dirham-denominated bond

REUTERS/Satish Kumar
Emirates NBD sold $500m in a 5-year bond issue in October 2022, which attracted more than $1bn in orders

Dubai’s biggest lender Emirates NBD has mandated banks to arrange a three-year fixed rate UAE dirham-denominated bond, a document reviewed by Reuters showed.

The senior, unsecured bond, under the bank’s $20 billion medium-term notes programme, will be issued subject to market conditions following a series of investor calls, which were scheduled to begin on Tuesday.

An indication of the size of the bond sale was not immediately clear and will likely depend on demand for the local-currency issue.

Emirates NBD, nearly 56 percent owned by the Investment Corporation of Dubai, the government’s investment arm, sold $500 million in a five-year bond issue in October which attracted more than $1 billion in orders.

It has picked Abu Dhabi Commercial Bank, Emirates NBD Capital, HSBC and Industrial and Commercial Bank of China Limited as joint lead managers and joint bookrunners for the new bond sale.  

Dubai’s biggest bank had reported a 51 percent rise in net profit in the third quarter of 2022 on higher income, including net interest income and from transactions.

Emirates NBD made net profit of AED3.8 billion ($1.03 billion) in the quarter from AED2.5 billion in the third quarter of 2021.