(Updates with launch, size, final yield, demand)
By Yousef Saba
DUBAI, May 20 (Reuters) - Emirates NBD, Dubai's largest
lender, sold $750 million in Additional Tier 1 bonds on Thursday
after receiving more than $1.75 billion in orders for them, a
document showed.
It launched the bonds at a yield of 4.25% after giving
initial price guidance of around 4.5%, the document from one of
the banks on the deal showed.
Emirates NBD Capital, First Abu Dhabi Bank,
JPMorgan, HSBC, NCB Capital and
Standard Chartered arranged the deal.
AT1 bonds, the riskiest debt instruments banks can issue,
are designed to be perpetual in nature but issuers can call them
in after a specified period.
ENBD's issuance will be non-callable for six years.
The deal follows several other AT1 deals from the region
this year, including Dubai Islamic Bank's $500 million sukuk
issue last month, which set a record low rate for the perpetual
debt instrument out of the Gulf, at 3.375%.
ENBD sold $750 million in five-year bonds in January. It
last sold AT1 bonds last summer, raising $750 million at 6.125%
- the same rate of its prior AT1 bonds issued in March 2019.
(Reporting by Yousef Saba and Davide Barbuscia; Editing by
Jacqueline Wong and Alexander Smith)