Chicago, Oct. 3 – Emirates NBD Bank PJSC priced a $750 million five-year debut senior green bond (A2//A+) on Tuesday, according to market sources.
The new bonds priced with a 5 7/8% coupon at 99.88 to yield 5.903%, or at Treasuries plus 120 basis points.
Price talk started in the Treasuries plus 140 bps area.
Standard Chartered Bank (billing and delivery), Abu Dhabi Commercial Bank, BNP Paribas, Emirates NBD Capital, HSBC and ING and were joint lead managers and joint bookrunners for the Regulation S only deal.
Proceeds will be used to finance or refinance, in whole or in part, new or existing eligible assets in line with the issuer’s sustainable finance framework.
The order book before midday in Europe was above $1.9 billion, a sellside source noted.
Emirates NBD Bank is the principal investment arm of the government of Dubai. It is the second largest bank in the UAE.
| Issuer: | Emirates NBD Bank PJSC
|
| Amount: | $750 million
|
| Issue: | Senior green bonds
|
| Maturity: | Oct. 11, 2028
|
| Bookrunners: | Standard Chartered Bank (billing and delivery), Abu Dhabi Commercial Bank, BNP Paribas, Emirates NBD Capital, HSBC and ING
|
| Second opinion provider: | ISS Corporate Solutions
|
| Joint sustainability structurers: | Emirates NBD Capital, HSBC and ING
|
| Coupon: | 5 7/8%
|
| Price: | 99.88
|
| Yield: | 5.903%
|
| Spread: | Treasuries plus 120 bps
|
| Trade date: | Oct. 3
|
| Settlement date: | Oct. 11
|
| Ratings: | Moody’s: A2
|
| Fitch: A+
|
| Distribution: | Regulation S
|
| Price talk: | Treasuries plus 140 bps area
|
| Marketing: | Investor call
|
| ISIN: | XS2625209270
|
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