Emirates NBD has taken out a $410m bilateral five year loan with JPMorgan, secured against the Gulf financial institution’s own portfolio of syndicated loans, according to Mohammad Kamran Wajid, general manager, institutional and international banking and debt capital markets at Emirates NBD.
The multi-currency loan has a margin of 175bp. Wajid said that one of the motivations for doing the deal was to set a new price benchmark for Gulf-based banks.
"The key message were trying to give on this loan is the pricing," said Wajid. "After the announcement that the