Shayne Nelson, Group CEO of Emirates NBD, rang the market-opening bell at Nasdaq Dubai to celebrate the listing of a US$750 million bond. The listing of this additional Tier 1 Capital bond reinforces Emirates NBD’s position as the largest financial services bond issuer on Nasdaq Dubai through seven listings with a total value of US$5.1 billion.
The US$750 million perpetual bond pays a coupon of 4.25 percent, the lowest pricing for a conventional Tier 1 bond from the UAE, and the second lowest from the Middle East. The issuance was 2.3 times oversubscribed with a strong demand from the region. 64 percent of appetite came from Middle East, 12 percent each from Asia and Europe, 10 percent from UK and 2 percent from elsewhere.
Commenting on the announcement, Nelson said, “The success of our latest bond issue reflects investor confidence in the Group’s sound business strategy and the economy of Dubai and the UAE. Nasdaq Dubai provides us with excellent links to investors in the region and globally, together with high public visibility.”
Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, said, “The new listing from Emirates NBD endorses the exchange’s prominent status as the most favored listing venue for debt issuances in the Middle East. We are pleased to see leading corporations actively tapping into the market for issuances, which clearly demonstrate their determination to reinforce their pivotal role in financing the economic development in the country and the wider region.”
Dubai is the largest listing venue in the Middle East for US dollar denominated debt listings, with a total value of $93.126 billion.