Dubai’s largest bank is selling ‘kangaroo’ bonds with a 10-year maturity, according to media sources.

Emirates NBD has hired ANZ, Emirates NBD Capital, Mizuho and Nomura to arrange the deal, which is part of Emirates NBD’s A$4 billion debt issuance programme.

According to a document released on Tuesday, the bank has set the indicative yield for the bonds at 3.115 per cent and has received over A$860 million ($574.82 million) in orders for the potential debt sale, which is expected to close on today.

Earlier in February, the bank also indicated that it was aiming to raise $500 million in five-year bonds. The deal had attracted over $2.2 billion in orders, according to the document released by one of the banks involved in the deal.

Emirates NBD, which remains UAE’s top banking brand with a value of USD4.13bn according to The Banker’s annual brand valuation league table, is also among the top 100 global banking brands and was ranked second in the Middle East and Africa region.

The bank’s impressive results in 2019 showed it has achieved a record net profit of AED 14.5 billion and total assets in excess of AED 683 billion.