Emirates NBD, the United Arab Emirates largest bank by assets, has revealed its plan to raise up to Dhs 7.34 billion ($2bn) in fresh capital this year with the help of a new federal law that guarantees bonds issued by local banks.

However, the bank could take its time on the new issuance, as it had few pressing financing needs. The bank plans to issue a three to five-year bond under a Euro Medium-Term Note (EMTN) programme, a platform for launching bonds of various maturities.

At present, Emirates NBD has Dhs19.5 billion in outstanding EMTNs and syndicated bank borrowing of Dhs 5.5 billion.

So far this year, the lender has paid back Dhs3.7 billion, with Dhs 2.2 billion is left to be repaid by the end of the year.