Emirates NBD raises $410m, 5-year loan
Dubai, November 29, 2010
Emirates NBD, the leading bank in the Middle East, has raised a $410 million, equivalent 5-year multi-currency loan at an extremely competitive margin of 1.75 per cent per annum.
The loan, which sets a new pricing benchmark for UAE based borrowers, is the first of its kind in the region in terms of its unique structuring and was fully subscribed by JP Morgan, a statement said.
“Having successfully tapped the securitisation market earlier this year and now having successfully structured this benchmark transaction, Emirates NBD continues to take lead in exploring new and innovative avenues for fund raising, seeking to address the systemic shortage of stable long-term funding in the UAE financial system by pushing out tenors at competitive pricing,” stated Rick Pudner, chief executive Emirates NBD.-TradeArabia News Service