Emirates NBD rings market-opening bell in celebration
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, today rang the market-opening bell at Nasdaq Dubai to celebrate the listing of a 750 million US dollar conventional bond.
The capital raised will assist the activities of Emirates NBD, one of the largest banking groups in the region, as it supports its customers and the UAE economy in rising to the challenge of COVID-19. The perpetual bond is callable after six years and pays a coupon of 6.125%. The issuance attracted strong international interest with 37% of orders coming from Europe, 33% from MENA and 30% from Asia. The order grew to 2.3 billion US dollars, which enabled Emirates NBD to tighten the price to 6.125% from the initial 6.5% guidance.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said:
“This bond issue represents the first Additional Tier 1 transaction from an Emerging Market bank since the Covid-19 market disruption. The proceeds will strengthen the Bank’s capital ratios and will help us provide support to retail and business customers across a wide range of activities. Emirates NBD continues to support for the wise actions of the UAE leadership in promoting the development of the economy of the UAE and the wellbeing of its nationals and residents.”
Emirates NBD is further developing its services regionally and internationally in sectors including retail banking and wealth management, corporate and institutional banking, global markets and treasury and Islamic banking.
His Excellency Essa Kazim, Governor of Dubai International Financial Centre and Chairman of Dubai Financial Market, said:
“The listing of Emirates NBD’s latest bond underlines the capacity of Dubai’s sophisticated exchange infrastructure to collaborate successfully with leading UAE issuers who wish to raise capital efficiently and competitively to fund their growth and development. This collaboration and strategic alignment promotes further economic activity and wealth creation in the UAE and beyond.”
Emirates NBD is the largest financial services bond issuer on the exchange with six issuances listed valued at 4.1 billion dollars.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said:
"As the region’s international financial exchange, Nasdaq Dubai is strengthening its role as a centre for capital-raising by private and public sector issuers from the UAE, the MENA region and globally. We are committed to enhancing our listing processes and post-listing infrastructure to meet the requirements of private and public sector issuers and investors.”
Dubai is the largest venue in the Middle East for USD denominated debt listings, with a total value of 84.3 billion US dollars.
Shayne Nelson, Group CEO of Emirates NBD, said:
"The very positive response from international investors to our latest bond issuance demonstrates their confidence in the performance and strategy of Emirates NBD as we further develop our banking services for business and retail customers. Nasdaq Dubai provides our issuance with excellent global visibility and a respected regulatory framework.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said:
"We are delighted to strengthen our longstanding relationship with Emirates NBD Group by providing further support for its capital raising requirements as its pursues its important services and initiatives. Our robust exchange architecture and the high profile that we provide position Nasdaq Dubai to host a growing number of bond listings from regional and global issuers in coming months and beyond.”
Emirates NBD’s latest 750 million US dollar bond listed on Nasdaq Dubai on July 9, 2020.