Middle East leads flurry of EM AT1s

By Lewis McLellan
14 Mar 2019

Emirates NBD brought its first additional tier one (AT1) bond to market on Wednesday, printing the Middle East’s largest deal in the format. Now others in the emerging markets are set to follow.

Sharjah Islamic Bank is believed to be considering issuing an AT1. The borrower received authorisation from the Central Bank of the UAE to issue in the format in February.

One emerging markets investor said: “It’s very cheap for the borrowers to [issue AT1] just now, so they’re keen to ...

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