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Emirates NBD, the UAE’s second largest bank by total assets, has issued a mandate for a potential 10-year Australian dollar benchmark sized fixed kangaroo bond. The lender is taking Indications of Interest (IoIs) at IPTs of asset swaps +195 bps area.
The expected issue rating is A1 / A+ (Moody’s / Fitch), in line with the bank’s rating.
The senior unsecured debt issuance has an indicative coupon on 6.00%, with a yield of 6.05%.
Emirates NBD Capital, Mizuho, and Nomura have been appointed joint lead managers and joint bookrunners.
The issuance comes under ENBD’s AUS $4 billion Kangaroo Debt Issuance Programme and will be priced on June 11.
In February 2023, Emirates NBD raised A$450 million through an issuance of 10-year bonds at a coupon of 6.1%.
(Writing by Bindu Rai, editing by Seban Scaria)
