Emirates NBD, Dubai's largest bank by market value, has picked HSBC and UBS to arrange an exchange of two notes due in 2016 into a new seven-year facility, sources said on Tuesday.
Investors in two existing $500 million facilities due in 2016 have been invited to exchange the subordinated notes for new senior notes maturing in 2018, allowing the bank to extend its debt maturity profile.
"They are doing an exchange of their Tier 2 into senior (notes). HSBC and UBS are on it," said a banking source on condition of anonymity.
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