Emirates Development Bank closes $750m bond issuance

SourceMubasher
SectorFinancial Services
CountryUAE

Emirates Development Bank (EDB), wholly owned by the UAE federal government, has successfully closed its $750 million five-year bond issuance. The issuance, priced at a fixed re-offer yield of 1.639% per annum in the Regulation S markets, was the second US dollar transaction issued under EDB’s $3 billion euro medium-term note (EMTN) programme, according to a recent press release. In 2019, the bank sold $750 million bonds which were 4.7 times oversubscribed from investors.

The programme is part of the bank’s objective to enhance its accessibility to capital markets and strengthen its funding profile. Oversubscribed four times, the transaction has attracted many investors from the Middle East, Europe, Asia, and the US, leading to the order book amounting to over $3 billion. The said: The commented: It is noteworthy to mention that on Tuesday, 8 June, for US dollar-denominated bonds, Reuters reported.

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