Emirates NBD is preparing to test investor appetite with a debt swap, as the banking sector begins a round of refinancing that could set the tone for the financial sector's fund-raising efforts for the rest of the year.
The Dubai-based bank, the largest in the UAE by total assets, will offer longer dated notes due in 2018 to holders of its existing subordinated debts, due in 2016. Those notes have a total of $514 million (Dh1.88 billion) outstanding.
The notes will be priced at 1.5 per cent above three-month US dollar London Interbank Offered Rate (Libor), according to a filing to the Nasdaq Dubai exchange. Investor demand for the swap will be revealed after the offer closes on 26 May.
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