Emirates NBD secures $750m AT1 in EM FIG resurgence

By Mariam Meskin
03 Jul 2020

Bankers and investors say FIG issuance will return to the fore after a sovereign-dominated first half of the year. Three bank issuers this week showed that the market is open for non-sovereign issuers. As fears of a second wave of Covid-19 infections and November's US presidential elections threaten volatility, some say the usually quiet summer period may be inundated with EM issuance.

Emirates NBD, rated A3/A+ by Moody’s and Fitch, raised a perpetual $750m AT1 NC6 Reg S bond on Thursday evening. The yield was set at 6.125%.

HSBC and Standard Chartered joined Emirates NBD as joint global coordinators on the trade. Bank of America and First Abu Dhabi Bank were ...

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