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Emirates NBD Bank migrates four series of floaters to SOFR
By William Gullotti
Buffalo, N.Y., July 6 – Dubai’s Emirates NBD Bank PJSC replaced the interest benchmark for four series of floating-rate notes, according to notices on Thursday.
The benchmark replacement, updating the interest basis to SOFR from Libor, affected the following series of Regulation S notes:
• $300 million series 627 floaters due March 13, 2025 (ISIN: XS2125138060), issued March 13, 2020;
• $100 million series 634 floaters due June 16, 2025 (ISIN: XS2189953149), issued June 16, 2020;
• $15 million series 592 floaters due August 2026 (ISIN: XS2046631656), issued Aug. 28, 2019; and
• $15 million series 591 floaters due Aug. 13, 2029 (ISIN: XS2040066792), issued Aug. 13, 2019.
Effective five business days prior to the September 2023 interest payment date, the series 627 floaters will bear interest at SOFR+ 26.161 basis points CSA plus the original 115 bps margin.
The series 634 notes will bear interest at SOFR+ 26.161 bps CSA plus the original 229 bps margin, likewise effective five business days prior to the September 2023 interest payment date.
The benchmark migration effective dates for the series 591 and series 592 notes will be five days prior to their respective August 2023 interest payment dates.
The series 592 floaters’ new interest rate will be SOFR+ 26.161 bps CSA plus the original 155 bps margin.
The update to the series 591 floaters will be SOFR+ 26.161 bps CSA plus the original 190 bps margin.
In each case, for the avoidance of doubt, the interest payments that will immediately follow the benchmark replacement effective dates will bear and pay interest at the original Libor-based interest rates and margins.
The lender is based in Dubai.
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