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Morning Commentary: New Emirates NBD Bank slips; EM soft but seeing slight bounce late
By Rebecca Melvin
New York, Nov. 8 – Emirates NBD Bank PJSC’s newly priced 3¼% notes slipped below issue price in the early going on Wednesday after the Dubai-based bank priced $750 million of the five-year notes a little below par at 99.726 to yield 3.31%, according to a market source.
The new Emirates NBD Bank bond was seen at 99.40 bid, 99.60 offered.
The market overall remained soft especially for Turkey and Middle East credits as Tuesday’s tone followed through to Wednesday, but there was the start of a bounce as London’s trading day began to head toward its close, market sources said.
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