Emirates NBD raised $750mn via a Perpetual non-call 6Y (PerpNC6) AT1 bond at a yield of 4.25%, 25bp inside initial guidance of 4.5%. The bonds received orders over $1.7bn, 2.3x issue size. The coupons are fixed until the first reset date of May 27, 2027 and if not called, resets to the 6Y US Treasury yield + 315.5bp. The bonds are callable from (including) February 27, 2027 till the first reset date and each interest payment date thereafter. The new AT1s are unrated while the issuer is rated A3/A+. The deal follows peer DIB’s $500mn PerpNC5 AT1 Sukuk that was priced at the lowest AT1 coupon from the Gulf at 3.375% on April 13. Emirates NBD last issued a dollar perp in July 2020 – 6.125% Perp callable in April 2026 that is currently trading at 108.9, yielding 4.1%.

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