Emirates NBD has opened books on a new $750 million perpetual additional tier 1 (AT1) bond, sounding out investor demand with initial price guidance around 6.75%, as Gulf banks continue to tap capital markets for hybrid funding.
The planned issuance, structured as a perpetual non-call six-year (PNC6) instrument, is expected to be priced later today, with settlement scheduled for May 5. The bond is being offered under Regulation S Category 2 and is slated for listing on both Euronext Dublin and Nasdaq Dubai.
The deal arrives with the lender carrying solid credit credentials, holding A1 with stable outlook from Moody’s and A+ stable from Fitch, factors likely to support appetite for the subordinated paper.
The new capital raise also lands just weeks after Emirates NBD delisted its earlier $750 million perpetual AT1 capital securities due in 2026 from Nasdaq Dubai, marking a swift return to the market with a refreshed instrument.
The move underscores continued momentum in regional bank capital issuance, particularly as lenders balance regulatory capital needs with favorable funding windows. AT1 bonds, often watched closely for pricing signals and investor sentiment, remain a key tool for major Gulf banks navigating growth and capital optimization.
