Dubai: Emirates NBD, the leading Bank in the Middle East, has successfully raised a $410 million, equivalent 5 year multi currency loan structured around its portfolio of diverse syndicated loans to regional corporates, at an extremely competitive margin of 1.75 per cent per annum over applicable reference rates plus structuring fee, thus setting a new pricing benchmark for UAE based borrowers.
The loan, which is the first of its kind in the region in terms of its unique structuring, was fully subscribed by J.P. Morgan.
Rick Pudner, CEO Emirates NBD, said: “The UAE economy, particularly its financial sector, remains robust and well equipped to cope with challenges and capitalise on available opportunities. This successful transaction is a testament of the market’s confidence in Emirates NBD as a premier financial institution in the Middle East, with an established track record, solid fundamentals and excellent future prospects.
Moreover, the extremely competitive pricing achieved on this transaction sets a new benchmark for the UAE borrowers seeking to tap the markets in current market conditions. Having successfully tapped the securitisation market earlier this year and now having successfully structured this benchmark transaction, Emirates NBD continues to take lead in exploring new and innovative avenues for fund raising, seeking to address the systemic shortage of stable long-term funding in the UAE financial system by pushing out tenors at competitive pricing."
"The collaboration with J.P. Morgan on this transaction also testifies the excellent relationship Emirates NBD shares with its relationship banks. We thank J.P. Morgan for its continued support to the region and look forward to concluding many more similar transactions in the near future for Emirates NBD as well as for our clients."
