Dubai: Emirates NBD has issued a $750 million 'senior' bond with a five-year tenor, making full use of the current low interest rate environment. In recent months, the UAE and Gulf has seen multiple debt offerings, including sovereign issues from Abu Dhabi (including a tranche with a 50-year tenor) and Sharjah.
Emirates NBD, which made the announcement via a statement on DFM, thus joins the likes of Abu Dhabi’s FAB in trying to tap investor interest. More banks could follow this route as they make a full accounting of their 2020 numbers and make forecasts on what’s in store this year.
Helping their cause is the fact that rates are not likely to see any major revisions in the medium-term, and there remains a fairly sizeable interest in Gulf debt.
