Emirates NBD, the largest bank in the UAE by assets, is likely to be the first bank from the Gulf to issue yuan-denominated bonds amid a growing appetite among global fund managers to tap the nascent market for the so-called “dim sum” bonds.
Emirates NBD said on Monday that it has mandated Emirates NBD Capital Limited, HSBC and Standard Chartered Bank to arrange investor meetings in Hong Kong and Singapore ahead of the proposed CNH, or Offshore Chinese Renminbi, denominated bond, under the bank’s $7.5 billion medium-term notes programme. The roadshows kick off tomorrow.
The bank said in a statement that the yuan — also known as the renminbi — bond issue would be subject to market conditions.
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