Emirates NBD, Dubai's largest lender, is planning to tap debt markets to raise a subordinated bond of at least $500m which would boost its supplementary capital ratios.
Sources told Reuters earlier this month that the bank, 56-percent owned by state fund Investment Corporation of Dubai, was planning such a sale in a bid to reduce government support for its capital ratios.
A successful sale will help Emirates NBD repay part of the AED12.6bn ($3.43bn) it received from the government in 2008. The bank said in January that it was looking to begin repayment of the funds.
Banks in the United Arab Emirates are expected to prioritise repayment of government support received in 2008 to shore up balance sheets, and converted into seven-year bonds in late 2009, as the value of the capital instruments has diminished and access to finance has become cheaper.
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