Emirates NBD in $1b Bond Swap.
The bank will exchange bonds issued in 2006 that mature in 2016 and which are trading below face value for shorter term bonds that mature in 2012 in a move to strengthen its balance sheet.
"From this transaction, we can improve our Tier 1 Capital position while investors are in higher value security," said Chief Executive Rick Pudner.
Chief Financial Officer Sanjay Uppal was quoted last month as saying the bank's Tier 1 capital adequacy ratio stood at 9.4 per cent and that the bank must raise Dh3 billion next year in order to meet 2010 targets.
UAE banks have sought to strengthen their capital adequacy ratios following new rules issued by the country's Central Bank.
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|Publication:||Khaleej Times (Dubai, United Arab Emirates)|
|Date:||Apr 12, 2009|
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