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Dubai: Emirates NBD PJSC plans to sell as much as $2 billion of bonds in Japanese yen and Malaysian ringgit as it seeks to diversify its investor base and lower funding costs.
The UAE's biggest bank by assets is setting up programmes of about $1 billion each in the two currencies and expects to borrow in the second half of this year, John Eldredge, the general manager for global markets and treasury at Emirates NBD, said in a telephone interview.
The bank may sell bonds in portions of $200 million to $300 million "if market circumstances are attractive," Eldredge said.
Regulatory approval and credit ratings are being sought for the medium-term notes, Eldredge added.
Emirates NBD will swap the yen and ringgit loans into US dollars or dirhams to avoid currency risk, Eldredge said yesterday.
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