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500 million dollar Emirates NBD bond on NASDAQ Dubai

PUBLISHED ON 28-Sep-2014
500 million dollar Emirates NBD bond on NASDAQ Dubai
  • Prominent banking group is now largest issuer on the exchange by total value of conventional bonds, at 2.25 billion dollars
  • Bond underlines the exchange's growth as centre of fixed income activity

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, today rang the market-opening bell to celebrate the listing of a 500 million dollar conventional bond on NASDAQ Dubai.

Emirates NBD, one of the region's leading banking groups, is now the largest issuer of conventional bonds on the region's international exchange, with three listings totaling 2.25 billion dollars. NASDAQ Dubai's total conventional bond listings, from all issuers, have reached 6.74 billion dollars.

The bell ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM); Hesham Abdulla Al Qassim, Vice Chairman of Emirates NBD; Shayne Nelson, Chief Executive of Emirates NBD; and Hamed Ali, Chief Executive of NASDAQ Dubai.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, said: "NASDAQ Dubai is the ideal venue to support our capital raising needs, as the exchange combines international standards with its location in our home region. We are delighted to make full use of Dubai's first class listing structure as we pursue our strategy of expansion in the UAE and internationally."

His Excellency Essa Kazim, Governor of DIFC and Chairman of DFM, said: "Emirates NBD's latest bond underlines Dubai's accelerating growth as a centre of activity and excellence in all aspects of fixed income. From issuance to listing and post-listing services, the Emirate is constantly enhancing its framework and architecture to meet the needs of market participants in the region and beyond."

Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: "As activity in the UAE's financial services sector gathers pace, NASDAQ Dubai is delighted to provide its listing platform to support Emirates NBD's growth and expansion. The exchange will continue to support efficient capital-raising activities for a range of issuers that are active in a variety of sectors and industries."

Emirates NBD's latest bond listing on the exchange took place on September 18th 2014, following a 750 million dollar listing by the banking group in March 2013 and a one billion dollar listing in June 2013.

Hesham Abdulla Al Qassim, Vice Chairman of Emirates NBD, said: "As a regular issuer of international bonds, we appreciate the global and regional visibility and first class regulatory environment that NASDAQ Dubai provides for the benefit of ourselves and our investors. The streamlined and responsive admission process enables us to list on NASDAQ Dubai in a manner and timeframe that suits our commercial needs."

Shayne Nelson, Chief Executive of Emirates NBD, said: "We look forward to cooperating further with NASDAQ Dubai in order to strengthen and deepen the capital markets infrastructure in the region. All market participants stand to gain from our pursuit of mutually beneficial activities and enterprises at a time of rising economic optimism."

Hamed Ali, Chief Executive of NASDAQ Dubai, said: "NASDAQ Dubai will continue to expand its bond market by meeting the visibility and regulatory needs of leading institutions, further increasing Dubai's international prominence in the sector. The exchange will also continue to provide innovative services to issuers of debt and investors in the market."

As well as hosting conventional bonds, NASDAQ Dubai is the third largest exchange in the world by value for listed Sukuk, or Islamic bonds, at 19.2 billion dollars. It is currently operating a pilot scheme for trading both Sukuk and conventional bonds on its market.

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