On April 30, Emirates NBD (Baa1/A+) priced a five-year Australian dollar deal. The transaction is the new borrower's first Kangaroo deal since a merger between Emirates Bank and National Bank of Dubai in 2007. The merger created the largest bank in the six Arab Gulf states – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates – the Middle East and North Africa, with assets of US$45 billion.