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Emirates NBD aims to raise $2bn in fresh capital
- United Arab Emirates: Tuesday, September 01 - 2009 at 08:51
Emirates NBD plans to raise up to Dhs7.34bn ($2bn) in fresh capital this year with the help of a new federal law that guarantees bonds issued by local banks, The National has reported. The bank plans to issue a three to five-year bond under a Euro Medium-Term Note (EMTN) programme, a platform from which bonds of various maturities can be launched. Currently, Emirates NBD has Dhs19.5bn in outstanding EMTNs and syndicated bank borrowing of Dhs5.5bn. So far this year, it has paid back Dhs3.7bn, with Dhs2.2bn left to be repaid by the end of the year.
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