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Investors piled in orders more than four times trade’s size
Premium to dollars was in the high single digits, said a lead
The UAE bank capped the deal size at $500m, gaining some leverage over pricing
Attractive pricing versus dollars luring GCC borrowers back to the single currency
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Emirates NBD is close to finalising a loan of $1.25bn or more, according to two sources at the bank.
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Two US private equity firms have raised a $350m-equivalent loan for Network International’s buyout of Emerging Markets Payments Holdings (EMP) and tightened the pricing in syndication.
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The head of loan syndications at Emirates NBD Capital, the investment banking arm of Emirates NBD, has left the bank.
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Investor appetite for UAE corporate debt was unfulfilled when Mubadala printed $500m from a $5.1bn book last week but with Etihad Airways lining up a dollar trade, investors may have a second chance to buy.
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Noor Bank has mandated banks for its debut Basel III bond and will be looking to soak up excess demand for additional tier one (AT1) debt after Boubyan Bank’s note was over five times subscribed last week.
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The $3bn inaugural loan for Petroleum Development Oman will be the first of many, as the country’s sovereign and corporates head to international debt markets, according to market participants.