March 13, 2019 / 3:59 AM / 6 months ago

Emirates NBD starts marketing perpetual dollar bond

DUBAI, March 13 (Reuters) - Emirates NBD , Dubai’s largest bank, started marketing U.S. dollar-denominated bonds with an initial price guidance in the range of 6.375 percent and 6.5 percent, a document from one of the banks leading the deal showed on Wednesday.

The bank has mandated BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, HSBC , Nomura and Standard Chartered Bank to arrange the issue.

The planned deal would be of benchmark size, which generally means at least $500 million, and will be an Additional Tier 1 perpetual bond not callable for six years.

Perpetual bonds are similar to an equity instrument in that they have no maturity. (Reporting by Davide Barbuscia; Editing by Richard Borsuk)

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