Emirates NBD, Dubai’s largest lender by market value, has picked banks to arrange a new five-year dollar bond which could price as early as Wednesday, lead managers said on Wednesday. The bank is planning a benchmark-sized deal, normally understood to be at least $500 million. The issue would be Emirates NBD’s third tap of global debt markets this year. Its Islamic subsidiary EIB sold a $500 million sukuk in January followed by the bank’s 1 billion yuan issue earlier this month, the first for a regional borrower. Initial guidance for the latest bond was given in the area of 337.5 basis points over midswaps. The bond would be issued under Emirates NBD’s $7.5 billion programme. Emirates NBD has mandated HSBC, Deutsche Bank, Bank of America, National Bank of Abu Dhabi and itself as joint arrangers and bookrunners on the deal. The bank, 55.6-per cent government-owned through the Investment Corporation of Dubai, was ordered by Dubai’s ruler in October to take over loss-making Dubai Bank, which had been rescued by the emirate’s government earlier in 2011. It has reported a significant decline in profitability as a result of higher provisioning and is said to be in the process of cutting 15 per cent of its workforce. Earlier this week, National Bank of Abu Dhabi wrapped up a $750 million 5-year bond issue within one day, sensing a suitable window of opportunity. Shares in Emirates NBD were trading 1.6 per cent higher at 0800 GMT, and are up 3.7 per cent this year