Emirates NBD

Emirates NBD to Issue First Gulf Bonds Since Iran War

Emirates NBD, the largest bank in the emirate by assets, announced  that it will proceed with a dollar-denominated bond sale, becoming the first bank in the Gulf region to announce plans to tap the debt markets since the start of the Iran-Iraq War.

The bank added that it has mandated Abu Dhabi Commercial Bank, Barclays, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and JPMorgan to arrange investor meetings on Monday to explore the possibility of issuing Tier 1 dollar bonds that are non-callable for six years.

The bank indicated that it will hold face-to-face meetings with investors in London, as well as online calls, regarding the planned benchmark bonds, which are typically no smaller than $500 million, according to Reuters.

The Iran war, which erupted nearly two months ago, has disrupted global energy supplies and markets, bringing deal-making activity in the region to a near standstill.

Last week, Emirates NBD, majority-owned by the Dubai government, reported that its profits and total income rose in the first quarter. Banks Mandated to Arrange Investor Meetings to Discuss Dollar Bond .Issuance