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NASDAQ Dubai welcomes US Dollars 750 million Emirates NBD bond to its market

PUBLISHED ON 31-Mar-2013
NASDAQ Dubai welcomes US Dollars 750 million Emirates NBD bond to its market

NASDAQ Dubai, the Middle East’s international financial exchange, welcomed the listing today of a seven hundred and fifty million US Dollar conventional bond issued by Dubai-based Emirates NBD. 

The listing by one of the region’s leading banking groups further expands Dubai’s role as a major listing venue for fixed income securities. It brings the nominal value of conventional bonds and Sukuk (Islamic bonds) on Dubai exchanges to USD 19.70 billion.

The issue was 3½ times oversubscribed with more than 160 orders received from regional and international investors. 47% of the bond was allocated to MENA based investors, 28% was allocated to investors based in Asia and 25% was allocated to investors based in Europe.

Hesham Abdulla Al Qassim, Vice Chairman Emirates NBD said: “We are pleased to list Emirates NBD Bond on NASDAQ Dubai. The exchange’s international stature gives our bond high visibility, both across the region where our business is focused, and beyond. Listing the bond on NASDAQ Dubai means we also benefit from the support of an international regulatory framework from within the UAE. The listing process was streamlined and attractive to us as an issuer seeking to undertake an international bond issue”.

Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: “As the latest in a series of debt issuances and listings in Dubai this year, Emirates NBD’s bond is further evidence that the sector is successfully meeting the capital-raising needs of regional businesses in an expanding economy. Dubai’s capital markets will continue to gain critical mass in both the conventional and Islamic sectors, maintaining their focus on providing excellence for investors through a wide range of financing options”.

Hamed Ali, Acting Chief Executive of NASDAQ Dubai, said: “NASDAQ Dubai is delighted to provide a listing platform to Emirates NBD, in order to support the bank’s continuing development as one of the most prominent and active financial institutions in the region. The exchange looks forward to welcoming further conventional bonds and Sukuk, from issuers both in the region and beyond, as it continues to enhance its infrastructure and expand the range of services that it offers to market participants”.

In January, the government of Dubai listed a Sukuk and a conventional bond on DFM with a total value of USD 1.25 billion; earlier this month, Dubai Electricity and Water Authority (DEWA) and Emirates Airline each listed a one billion dollar Sukuk on NASDAQ Dubai.

The yield on the HSBC/NASDAQ Dubai Conventional US Dollar NASDAQ Dubai-Listed Bond Index has fallen to 5.05% from 7.90% at the beginning of 2012, reflecting strong appetite among investors for the securities.

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