Editorial

05 Apr 2013 Emirates NBD Tier II Subordinated Reset Notes due 2023

Emirates NBD Tier II Subordinated Reset Notes due 2023 - Dubai's largest lender, Emirates NBD, has issued a Tier II note. The 10 year (5 year call) issuance priced to yield around 5%. This follows in the footsteps of other UAE lenders such as Abu Dhabi Commercial Bank which priced a similar issuance in February 2013. The proceeds will be used to shore up the bank's capital. This issuance again highlights the current ability of new markets lenders to issue subordinated debt at relatively cheap levels - the trend being most notably exemplified in Turkey where banks such as Isbank and Yapi Kredi have been able to place 10 year dollar denominated subordinated debt at spreads only around 200bp wide of the respective senior unsecured bonds. (Clifford Chance advised the Issuer).

Financial Centre : Dubai
Law Firm : Clifford Chance
Lawyer : Debashis Dey

Practice Area : Debt Capital Markets
Classification : Corporate Bonds
Sub-classification : Subordinated Debt
Industry : Banks

Advised Party : Issuer
Value Range: USD500.01-1000.00M

Issuer Jurisdiction: UAE
Primary Placement Jurisdiction: United Kingdom, Singapore