Emirates NBD perp bears brunt of market sell-off

A new $1bn issue of tier one perpetual notes for Emirates NBD sold off on Thursday, amid the broader weakening that followed comments from Federal Reserve chairman Ben Bernanke on Wednesday. The borrower had printed the deal on Wednesday with a yield of 5.75%, having launched with more than $4.25bn of orders, but the paper drifted below par the next day, to be seen at 97.86 bid.