Dubai’s Emirates NBD Sets IPTs For $500m, 5-Year Bond Issue
Rated Baa1/A+ by Moody’s and Fitch, ENBD has mandated HSBC, Morgan Stanley, Standard Chartered Bank and itself as bookrunners.
Dubai’s largest bank, Emirates NBD (ENBD), has opened books after setting initial price guidance for a five-year Regulation S-compliant benchmark bond issue denominated in U.S. dollars, a document from lead managers showed on Wednesday.
ENBD set initial price thoughts for the issue at the 150 basis points area over midswaps.
Rated Baa1/A+ by Moody’s and Fitch, ENBD has mandated HSBC, Morgan Stanley, Standard Chartered Bank and itself as bookrunners for the senior unsecured bond issue.
If a debt issue is Reg S-compliant, investors inside the United States cannot buy the offering. The bond is expected to price later in the day.