Emirates NBD issues $500m capital notes
Emirates NBD 2014 Tier 1 has successfully issued $500m perpetual Tier 1 capital notes, which will allow the firm to replace the Tier 2 issue repaid in July.
The Notes pay a coupon of 6.375% and are callable by the issuer after 6 years and every coupon date thereafter. The issuer is guaranteed by Emirates NBD, rated Baa1 by Moody’s and A+ by Fitch.
“This issue improves not only the quality of capital but also the cost efficiency of the capital base,” said Shayne Nelson, Group CEO of Emirates NBD.
“We were extremely pleased with feedback from our investor meetings in the Middle East, Asia and Europe. Investors appreciate the real progress we have made on diversifying income streams, addressing the legacy NPL position, improving capital efficiency and strengthening liquidity.”
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