The Nasdaq Dubai office. Image Credit: File photo

Dubai:

Nasdaq Dubai welcomed the listing of a $750 million (Dh2.75 billion) conventional bond by Emirates Development Bank (EDB). It is the first product to be listed on the exchange by the bank, which is wholly-owned by the UAE government.

The listing supports EDB’s mission which includes contributing to the economic prosperity of UAE nationals by providing financing solutions for housing, as well as financing and banking services to the SME sector.

The total value of all conventional bonds and Sukuk on Nasdaq Dubai has now reached $77.78 billion from 99 listings. EDB’s bond was the first conventional bond listing of 2019 on the exchange.

The Global Coordinators were Emirates NBD Capital and Standard Chartered Bank. The Joint Bookrunners were Emirates NBD Capital, Industrial and Commercial Bank of China, Dubai (DIFC) branch, and Standard Chartered Bank. Union National Bank was a Joint Lead Manager. The Legal Adviser to EDB was Allen & Overy and the Legal Adviser to the Arranger and Dealers was Clifford Chance.

Nasdaq Dubai is the largest exchange in the world for listed Sukuk at $60.69 billion.