Emirates NBD lists $750m bond on Nasdaq Dubai

  • Date: 09-Jun-2021
  • Source: Gulf Business
  • Sector:Financial Markets
  • Country:UAE
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Emirates NBD lists $750m bond on Nasdaq Dubai

Dubai lender Emirates NBD has listed a $750m bond on Nasdaq Dubai, the exchange said in a statement on Wednesday. The latest $750m perpetual bond pays a coupon of 4.25 per cent, the lowest pricing for a conventional Tier 1 bond from the UAE, and the second lowest from the Middle East. The issuance was 2.3 times oversubscribed with a strong demand from the region. Sixty-four per cent of the demand came from the Middle East, while 12 per cent stemmed from Asia and Europe, 10 per cent from UK and 2 per cent from other regions worldwide. The listing of this Tier 1 Capital bond makes Emirates NBD the largest financial services bond issuer on Nasdaq Dubai through seven listings with a total value of $5.1bn. Dubai is the largest listing venue in the Middle East for US dollar denominated debt listings, with a total value of $93.126 billion. "The success of our latest bond issue reflects investor confidence in the Group's sound business strategy and the economy of Dubai and the UAE,“ said Shane Nelson who rang the market-opening bell at Nasdaq Dubai on Wednesday. Emirates NBD has reported a net profit of Dhs6.96bn for 2020, marking a