{"id":95871,"date":"2024-09-17T00:00:00","date_gmt":"2024-09-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/national-bank-of-fujairah-issues-usd-275-mn-at1-bonds\/"},"modified":"2024-09-17T00:00:00","modified_gmt":"2024-09-17T00:00:00","slug":"national-bank-of-fujairah-issues-usd-275-mn-at1-bonds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/17\/national-bank-of-fujairah-issues-usd-275-mn-at1-bonds\/","title":{"rendered":"National Bank of Fujairah issues USD 275 mn AT1 bonds"},"content":{"rendered":"

The National Bank of Fujairah (NBF) raised USD 275 mn in a mandatory <\/strong>convertible bond (MCBs) issuance<\/strong>, according to a press release (pdf)<\/a>. The bank issued the additional tier 1 (AT1) bonds in a bid to enhance its capital structure, support its business and operational strategy, and refinance existing AT1 USD 350 mn bonds.<\/p>\n

Details: <\/strong>Privately placed with the Fujairah government, the issuance will see the bonds automatically converted into ordinary shares at a rate of AED 2.85 per share within two years.<\/p>\n

Uh, Enterprise, what are AT1 bonds?<\/strong> They\u2019re a common way banks raise core tier-one capital without diluting shareholders by raising equity. Additional tier one certificates (or just \u201cAT1 certificates\u201d) are a form of subordinated debt \u2014 they rank behind other types of bank debt in case of liquidation. That makes them riskier than senior debt, but still prioritizes them above equity holders. AT1 certificates are \u201cperpetual\u201d in that they have no fixed maturity date. They pay interest in much the same way as a bond does, but usually can be converted into equity in some circumstances \u2014 that\u2019s why they\u2019re often called CoCos in the industry, for \u201ccontingent convertibles.\u201d<\/p>\n

What they said:<\/strong> \u201cThis AT1 capital issuance will further reinforce NBF\u2019s position and will provide<\/p>\n

the solid foundation to grow and meet with any unforeseen challenges that may arise from<\/p>\n

the evolving global economy and operating environment,\u201d NBF\u2019s deputy chairperson Raja Easa Al Gurg said. <\/p>\n","protected":false},"excerpt":{"rendered":"

The National Bank of Fujairah (NBF) raised USD 275 mn in a mandatory convertible bond (MCBs) issuance, according to a press release (pdf). The bank issued the additional tier 1 (AT1) bonds in a bid to enhance its capital structure, support its business and operational strategy, and refinance existing AT1 USD 350 mn bonds. Details: […]<\/p>\n","protected":false},"author":1,"featured_media":95872,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[68,7,730],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-uae","tag-national-bank-of-fujairah","wpautop","entry"],"acf":{"mongo_id":"dc04d197-f1fa-4140-9b2d-573dd91e6def","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/187.jpg","photo_position":"above","homepage_title":"","full_issue_title":"National Bank of Fujairah issues USD 275 mn AT1 bonds","related_issue":[95857],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.c90eb74b-48d4-4e6c-b3b7-38f46da21935.mp3"},"yoast_head":"\nNational Bank of Fujairah issues USD 275 mn AT1 bonds - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/09\/17\/national-bank-of-fujairah-issues-usd-275-mn-at1-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Bank of Fujairah issues USD 275 mn AT1 bonds\" \/>\n<meta property=\"og:description\" content=\"The National Bank of Fujairah (NBF) raised USD 275 mn in a mandatory convertible bond (MCBs) issuance, according to a press release (pdf). 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