lender wholly owned by the federal government of the United Arab Emirates mandated banks for its second international bond sale. Emirates Development Bank hired Emirates NBD Capital, Standard Chartered Bank, Goldman Sachs Group Inc. and Industrial and Commercial Bank of China to arrange investor calls from Monday, according to a person familiar with the matter.
The bank, which started operations in 2015 and provides financing to UAE citizens and small- and medium-sized enterprises, could raise $750 million or more, people familiar with matter said, asking not to be identified because the information is private. A five-year offering is expected if the market conditions are suitable.
The proceeds would go toward supporting companies in sectors considered a priority for the economy, the people said. The bank’s debt is assigned the fourth-highest investment grade from Fitch Ratings, the same as the sovereign.
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