Emirates Bank offers LT2 to senior bond swap
Emirates Bank is offering a bond swap to holders of its lower tier two 2016s. The bank is looking to exchange up to $523m of those notes into seven year senior floating rate notes. The terms for the FRN will be set around May 18.
UBS and HSBC are arranging the liability management trade.
The lower tier two notes are callable later this year in October and December and the bank has said that the call options will be exercised on an economic basis. There is $345m of the October 2016s
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