Emirates NBD

◆ Strong market for subordinated bank debt in euros and dollars ◆ Investors buy ‘undersupplied’ UniCredit AT1 at multi-year low yield in the asset class ◆ Barclays, SMFG and ENBD target dollar AT1 buyers

Expectations of Fed rate cuts have turbocharged issuance from the region

Dubai bank 'impresses with ESG narrative', but opinion divided on instrument's effect to pricing