CBD issues $600 million Tier 1 perpetual non-call 6-year bond

CBD issues $600 million Tier 1 perpetual non-call 6-year bond

Dubai / WAMCommercial Bank of Dubai (CBD) announced the issuance of a $600 million Additional Tier 1 (AT1) perpetual non-call 6-year bond, at a coupon of 6%, the lowest coupon from a Dubai bank issuer to date on a Basel III compliant AT1 bond. The transaction is the bank's inaugural AT1 issuance, returning the bank to the capital markets for the first time since 2015. The issuance is the second AT1 transaction from the GCC to include a six-month par call feature. Standard Chartered Bank and Citibank acted as structuring agents and joint global coordinators, while Standard Chartered Bank, Citibank, Barclays, Emirates NBD, First Abu Dhabi Bank and Nomura acted as the Joint Lead Managers of the bond. The bonds are listed on the Euronext Dublin and Nasdaq Dubai.