Norton Rose Fulbright advises on pioneering regulatory capital bond issuance

Norton Rose Fulbright has advised on the first ever conventional Basel III-compliant additional tier 1 (AT1) transaction in the UAE. The transaction involved the issuance by Emirates NBD Bank PJSC of USD1 billion perpetual AT1 capital securities.

The capital securities represent deeply subordinated obligations of the bank and have loss absorbency features which will allow them to represent additional tier 1 capital for the bank.

Norton Rose Fulbright represented HSBC Bank plc and Standard Chartered Bank as structuring agents and BNP Paribas, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, Nomura International plc and Standard Chartered Bank as joint lead managers.

The Norton Rose Fulbright team was led by head of debt capital markets for the Middle East, Gregory Man, with assistance from senior associate, Ganna Vlasenko.

Gregory Man commented, “Following our work for Albaraka Türk last year on the first Basel III-compliant AT1 issuance from Turkey, we are proud to help bring this similarly pioneering transaction to the UAE. The deal represents another example of the groundbreaking work which our award-winning team has been doing in the global debt capital market space over the last few years.”