The Bank bolsters its position as the largest corporate bond issuer on Nasdaq Dubai with a total value of US$ 5 billion
Dubai’s status as one of the leading debt listing venues gains momentum with a total value of US$ 115.96 billion
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, today rang the market-opening bell at Nasdaq Dubai to celebrate the listing of a US$ 500 million bond. The listing of this issuance reinforces Emirates NBD’s position as the largest corporate bond issuer on Nasdaq Dubai with a total value of US$ 5 billion. It also reinforces Dubai status as one of the largest listing venues in the Middle East for regional and international debt listings, with a total value of US$ 115.96 billion.
Priced at 5.625% coupon, the new 5 years benchmark bond is Emirates NBD’s first public senior US$ issuance since the rating upgrade by Moody’s to A2. The bond was 2.5 times oversubscribed with over one-hundred institutions placing orders. 40% of demand came from the Middle East, 30% from Europe and 30% from the Rest of the World.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said: "The successful issuance and listing of Emirates NBD’s bond and the strong appetite from investors, in spite of a challenging global market environment, underscore Investors’ confidence in the Bank’s sound fundamentals and prospects. This healthy demand enabled Emirates NBD to price the issuance at 20 basis points below the initial price guidance. The new issuance also indicates the strong market confidence in the economy of Dubai and the UAE. We would like to thank Nasdaq Dubai for providing us with excellent links and visibility to regional and global investors.”
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said: “We are delighted to welcome the new listing from Emirates NBD, the largest corporate bond issuer on Nasdaq Dubai, as a growing number of leading issuers are actively leveraging our world-class ecosystem to achieve their fund-raising plans and strengthen links with investors. We are committed to continuously advancing this ecosystem to meet and exceed the evolving requirements of market participants and to support Dubai’s strategic objectives as a dynamic capital markets hub globally.”