March 13, 2019 / 12:52 PM / in 11 days

Emirates NBD targets $1 bln with perpetual bond sale -document

DUBAI, March 13 (Reuters) - Emirates NBD, Dubai’s largest bank, is planning to raise $1 billion through the sale of bonds with a 6.125 percent yield, a document issued by one of the banks leading the deal showed.

The deal, which has received 3.85 billion in orders, will be an Additional Tier 1 perpetual bond not callable for six years.

Perpetual bonds are similar to an equity instrument in that they have no maturity.

The bank has mandated BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Nomura and Standard Chartered Bank to arrange the issue. (Reporting by Davide Barbuscia; Editing by Kirsten Donovan)

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