Thursday 16 May 2013

UPDATE 1-Dubai bank ENBD plans bond sale to boost capital | Reuters

"Emirates NBD (ENBD), Dubai's biggest lender, plans to tap global debt markets for its first capital-boosting bond issue, as Gulf banks take advantage of tight pricing and high investor demand to shore up capital ratios.

ENBD, which has already raised Tier 2, or supplementary capital, this year, has hired six banks, including its own investment banking unit, to arrange a Tier 1 bond issue, lead managers arranging the deal said on Thursday.

Tier 1 capital is a lender's core capital as defined under the Basel banking industry rules, and a key measure of its financial strength. Gulf banks will need to comply with tighter Basel III global standards for core capital, which will be introduced gradually over coming years."

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