Emirates NBD perp AT1 under fire from bankers

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By Virginia Furness
11 Sep 2014

Emirates NBD sold a $500m tier one perpetual non-call six bond on Wednesday. It was priced flat to the borrower’s existing Basel II compliant note but bankers away from the deal said that it looked to have struggled throughout the execution process.

Leads Citigroup, Commerzbank, Deutsche Bank, Emirates NBD Capital, Morgan Stanley and Standard Chartered set initial price thoughts in the mid 6% area on Tuesday, and revised this to guidance of the 6.5% area on Wednesday morning. Global books went subject at 11am GMT ...

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