Clifford Chance has advised Emirates NBD PJSC (“ENBD“) in relation to the issuance of US$750 million 4.875 per cent. subordinated reset notes due 2023 (the “Notes“) under its US$7.5 billion European Medium Term Note Programme. The issuance of the Notes took place on 28 March 2013 and comprise Tier II capital on ENBD’s regulatory balance sheet. The Notes were admitted to trading on the Luxembourg Stock Exchange and listed on NASDAQ Dubai. Clifford Chance also advised ENBD in relation to the annual update of its European Medium Term Note Programme.
Debashis Dey, Partner and Head of Capital Markets (Middle East) at Clifford Chance, commented: “The issuance marks the first public subordinated debt Tier II transaction for ENBD in several years, and their first use of subordinated Tier II with reset rate mechanics”.
Clifford Chance, through its Dubai office advised ENBD on the transaction. The team was led by Capital Markets Partner Debashis Dey, who was assisted by associates Mark Dickinson and Alekhya Prakash.
Citigroup Global Markets Limited, Emirates NBD Capital Limited, HSBC Bank plc, J.P. Morgan Securities plc, Société Générale and Standard Chartered Bank acted as Joint Lead Managers in connection with the transaction.
