Commercial Bank of Dubai issues inaugural $600mn Tier 1 6-year bond

Commercial Bank of Dubai issues inaugural $600mn Tier 1 6-year bond

DUBAI — Commercial Bank of Dubai, CBD, has announced the issuance of a US$600 million Additional Tier 1 (AT1) perpetual non-call 6-year bond, at a coupon of 6 percent, 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,