Dubai: Emirates NBD rang the market-opening bell at Nasdaq Dubai on Wednesday to celebrate the listing of a $500 million bond.
The listing of this issuance reinforces Emirates NBD’s position as the largest corporate bond issuer on Nasdaq Dubai with a total value of $5 billion. It also reinforces Dubai status as one of the largest listing venues in the Middle East for regional and international debt listings, with a total value of $115.96 billion.
The bell was rung by Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD.
Priced at 5.625 per cent coupon, the new five-year benchmark bond is Emirates NBD’s first public senior USD issuance since the rating upgrade by Moody’s to A2. The bond was 2.5 times oversubscribed with over one-hundred institutions placing orders. 40 per cent of the demand came from the Middle East, 30 per cent from Europe and 30 per cent from the rest of the world.
“The successful issuance and listing of Emirates NBD’s bond and the strong appetite from investors, in spite of a challenging global market environment, underscore Investors’ confidence in the bank’s sound fundamentals and prospects. This healthy demand enabled Emirates NBD to price the issuance at 20 basis points below the initial price guidance. The new issuance also indicates the strong market confidence in the economy of Dubai and the UAE. We would like to thank Nasdaq Dubai for providing us with excellent links and visibility to regional and global investors,” said Al Qassim.