Dubai’s biggest lender Emirates NBD has mandated banks to arrange a three-year fixed rate UAE dirham-denominated bond, a document reviewed by Reuters showed.
The senior, unsecured bond, under the bank’s $20 billion medium term notes programme, will be issued subject to market conditions following a series of investor calls scheduled to begin on January 3.
An indication of the size of the bond sale was not immediately clear and will likely depend on demand for the local-currency issue.
Emirates NBD, nearly 56% owned by the Investment Corporation of Dubai, the government’s investment arm, sold $500 million in a five-year bond issue in October which attracted more than $1 billion in orders.
It has picked Abu Dhabi Commercial Bank, Emirates NBD Capital, HSBC and Industrial and Commercial Bank of China Limited (ICBC) as joint lead managers and joint bookrunners for the new bond sale.