UAE’s Emirates Development Bank hires arrangers for dollar bond

Emirates Development Bank (EDB), wholly owned by the federal government of the UAE, has hired banks to arrange a series of fixed income investor meetings ahead of a potential sale of benchmark US dollar-denominated five-year bonds, a document issued by one of the banks showed.

Emirates NBD Capital has been appointed as the financial adviser and, together with Standard Chartered, as joint global coordinators.

Emirates NBD Capital, Industrial and Commercial Bank of China Ltd, and Standard Chartered Bank have been hired as joint lead managers.

Benchmark deals are generally of at least $500m.

EDB is rated AA-(minus) by Fitch. The planned debt issue would be the bank’s first in the international debt markets and part of a $3bn bond programme.

Representatives of the banks will meet investors in Asia, the UAE and London starting from February 20, according to the document.