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Wed 24 Sep 2008 12:18 PM

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Dubai's CBD planning $2bn bonds sale

Commercial Bank of Dubai publishes its prospectus for Euro Medium Term Note Programm.

Commercial Bank of Dubai (CBD) is preparing to sell as much as $2 billion in bonds as the lender moves into the home loans market.

The bank, which is 20 percent-owned by the Dubai government, published its prospectus for a Euro Medium Term Note Programme on Tuesday, according to a London Stock Exchange regulatory filing.

CBD has appointed banks that include BNP Paribas and HSBC to help arrange the sale.

CBD is the 13th-largest lender in the UAE and plans to start offering Islamic banking services this month.