DUBAI, 22nd July, 2020 (WAM) — 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$750 million conventional bond.
The capital raised will assist the activities of Emirates NBD. The perpetual bond is callable after six years and pays a coupon of 6.125 percent. The issuance attracted strong international interest with 37 percent of orders coming from Europe, 33 percent from MENA and 30 percent from Asia. The order grew to $2.3 billion, which enabled Emirates NBD to tighten the price to 6.125 percent from the initial 6.5 percent guidance.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said, “This bond will strengthen the Bank’s capital ratios and will help us provide support to retail and business customers across a wide range of activities. Emirates NBD continues to support for the wise actions of the UAE leadership in promoting the development of the economy of the UAE and the wellbeing of its nationals and residents.”
Emirates NBD is further developing its services regionally and internationally in sectors including retail banking and wealth management, corporate and institutional banking, global markets and treasury and Islamic banking.
Essa Kazim, Governor of Dubai International Financial Centre and Chairman of Dubai Financial Market, said, “The listing of Emirates NBD’s latest bond underlines the capacity of Dubai’s sophisticated exchange infrastructure to collaborate successfully with leading UAE issuers who wish to raise capital efficiently and competitively to fund their growth and development. This collaboration and strategic alignment promotes further economic activity and wealth creation in the UAE and beyond.”
Emirates NBD is the largest financial services bond issuer on the exchange with six issuances listed valued at $4.1 billion.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, “As the region’s international financial exchange, Nasdaq Dubai is strengthening its role as a centre for capital-raising by private and public sector issuers from the UAE, the MENA region and globally. We are committed to enhancing our listing processes and post-listing infrastructure to meet the requirements of private and public sector issuers and investors.”
Dubai is the largest venue in the Middle East for USD denominated debt listings, with a total value of $84.3 billion.
Shayne Nelson, Group CEO of Emirates NBD, said, “The very positive response from international investors to our latest bond issuance demonstrates their confidence in the performance and strategy of Emirates NBD as we further develop our banking services for business and retail customers. Nasdaq Dubai provides our issuance with excellent global visibility and a respected regulatory framework.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said, “We are delighted to strengthen our longstanding relationship with Emirates NBD Group by providing further support for its capital raising requirements as its pursues its important services and initiatives. Our robust exchange architecture and the high profile that we provide position Nasdaq Dubai to host a growing number of bond listings from regional and global issuers in coming months and beyond.”
Emirates NBD’s latest $750 million bond listed on Nasdaq Dubai on 9th July, 2020.