DUBAI, March 20 (Reuters) - Emirates NBD, Dubai’s largest lender by market value, has picked banks to arrange investor meetings in Europe and Asia ahead of a potential benchmark-sized subordinated bond issue to raise supplementary capital.
The lender has mandated itself along with Citigroup Inc , HSBC, Standard Chartered, Societe Generale, and JP Morgan Chase to arrange roadshows which kick off on March 22 for the planned sale, arranging banks said.
Banks in the United Arab Emirates will aim to repay Tier 2 capital placed with them at the height of the global financial crisis this year, with some turning to the bond market to avoid servicing expensive debt.
A dollar-denominated subordinate Tier 2 bond may follow subject to market conditions. (Reporting by Rachna Uppal; Editing by Dinesh Nair)