Emirates NBD 2014 Tier 1 Limited US$ 500,000,000 Perpetual Tier 1 Capital Notes at 6.375% Guaranteed

1 Min | 11 September 2014

Emirates NBD 2014 Tier 1 Limited has successfully issued US$ 500 million Perpetual Tier 1 Capital Notes

Dubai, UAE; September 10, 2014 Emirates NBD 2014 Tier 1 Limited has successfully issued US$ 500 million Perpetual Tier 1 Capital Notes. The Issuer is guaranteed by Emirates NBD, rated Baa1 by Moody's and A+ by Fitch. The Notes pay a coupon of 6.375% and are callable by the issuer after 6 years and every coupon date thereafter.

Shayne Nelson, Group CEO of Emirates NBD commented, "With this $500 million capital issue we have been able to fully replace the Tier 2 issue that was repaid in July. This issue improves not only the quality of capital but also the cost efficiency of the capital base. We were extremely pleased with feedback from our investor meetings in the Middle East, Asia and Europe. Investors appreciate the real progress we have made on diversifying income streams, addressing the legacy NPL position, improving capital efficiency and strengthening liquidity."

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