New Issue: Emirates NBD sells downsized $350 million 3% notes due 2020 at mid-swaps plus 150 bps

By Christine Van Dusen

Atlanta, April 29 – Dubai’s Emirates NBD PJSC priced a downsized $350 million issue of 3% five-year notes (Baa1//A+) at 99.655 to yield 3.075%, or mid-swaps plus 150 basis points, on Wednesday, according to a market source.

HSBC, Emirates, Morgan Stanley and Standard Chartered Bank were the bookrunners for the Regulation S deal.

The deal was initially expected to total $500 million.

Emirates NBD is a provider of corporate, consumer, treasury and investment banking and asset management services.

Issuer:	Emirates NBD PJSC
Amount:	$350 million, downsized from $500 million
Maturity:	May 6, 2020
Description:	Senior notes
Bookrunners:	HSBC, Emirates, Morgan Stanley, Standard Chartered Bank
Coupon:	3%
Price:	99.655
Yield:	3.075%
Spread:	Mid-swaps plus 150 bps
Trade date:	April 29
Settlement date:	May 6
Ratings:	Moody’s: Baa1
	Fitch: A+
Distribution:	Regulation S

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