Dentons advises Commercial Bank of Dubai on Additional Tier 1 capital issuance

London | Dubai -Dentons has advised longstanding client Commercial Bank of Dubai (CBD) on its successful new issue of US$600 million Perpetual Additional Tier 1 capital securities and the redemption of its existing US$600 million Perpetual Additional Tier 1 capital securities. The transaction formed part of CBD's ongoing capital management strategy, refinancing its existing AT1 securities while maintaining a strong regulatory capital position.

Standard Chartered Bank and Citigroup acted as joint structuring agents and joint global co-ordinators on the transaction, alongside Abu Dhabi Commercial Bank, Barclays, Citigroup, CBD, Emirates NBD, First Abu Dhabi Bank and Standard Chartered Bank as joint lead managers and joint bookrunners. The capital securities were priced with a fixed-rate resettable coupon of 6.625% and are listed on Euronext Dublin and Nasdaq Dubai.

Dentons Capital Markets partner David Cohen, based in Dentons' London office, commented: "We are delighted to have advised CBD on another successful issue of Perpetual Additional Tier 1 capital securities. We work to support clients across the full range of their funding requirements and this transaction reflects the strength of our longstanding relationship with CBD and our ability to deliver complex cross-border financing transactions in a volatile market with tight execution windows."

Dentons Debt Capital Markets partner Victoria Wyer, based in Dentons' Dubai office, added: "The transaction demonstrates the continued ability of leading UAE financial institutions to access the international bank capital markets for regulatory capital, even as issuers remain disciplined in their approach to execution. We were delighted to work alongside CBD and the syndicate banks on another successful transaction."

The Dentons team in London was led by David Cohen, with assistance from counsel David Brian, associate Miriam Babarinde and paralegal Naomi Scheyerle. The Dentons team in Dubai was led by partner Victoria Wyer, with assistance from associate Kellie Diggin.

The transaction reflects Dentons' continued investment in its Middle East debt capital markets and structured finance practice, including the recent expansion of its Dubai team with partners Victoria Wyer and Peter Cullen. Together with the firm's London capital markets practice, the team advises issuers, arrangers and investors on complex conventional and Islamic financing transactions across the Middle East and beyond.

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