EDB successfully closes $750m five-year bond

EDB successfully closes $750m five-year bond

Emirates Development Bank (EDB), a key financial enabler of the country's economic diversification and industrial transformation agenda, has succesfully closed its $750 million five-year bond issue, priced at a fixed re-offer yield of 1. 639 percent per annum in the Regulation S markets. This was the second USD transaction issued under EDB's $3 billion Euro Medium Term Note (EMTN) programme part of the bank's mandate to boost its accessibility to capital markets and strengthen its funding profile. The bond issue follows EDB receiving 'AA-' long-term issuer credit ratings with Outlook Stable by S&P Global Ratings and Fitch. The bank's $3bn EMTN programme has been assigned a 'AA-' issuer rating by Fitch. The ratings are a major endorsement of EDB's new strategic mandate to support the UAE's economic diversification plan. The bond issue received a strong investor appetite, resulting in the order book reaching over US$3 billion (4 times oversubscription). EDB also announced that it hosted virtual roadshows for local, regional and international investors as part of its outreach on the transaction. The investor base was diverse with 34 percent representing the Middle East, 36 percent from the European markets, 28 percent representing the Asian markets, and 2 percent from the