Stock - Emirates NBD \ ENBD
Emirates NBD goes to debt market for $500 million, on a day that also saw Mubadala and Saudi wealth fund do so. Image Credit: Bloomberg

Dubai: Dubai's biggest bank Emirates NBD sold $500 million in five-year bonds in its first public debt sale of the year, which received more than $1 billion in orders.

The bank tightened the final spread by 20 basis points to 155 bps over US Treasuries for the bonds sale arranged by Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, HSBC, SMBC and Standard Chartered Bank.

The sale came as Saudi Arabia and Abu Dhabi sovereign wealth fund Mubadala also issued bonds on Tuesday.

Bond issuances in the Gulf have plummeted this year as the region reaps the rewards of high oil prices, with all six Gulf Cooperation Council countries expected to post surpluses, for some for the first time in years.

Issuers have also been wary of tapping the markets in a year that has been marked by volatility and as interest rates continue to rise amid an aggressive tightening cycle by the US Federal Reserve to tame decades-high inflation.