Emirates NBD Capital records strongest ever quarter in debt capital market
Now Reading
Emirates NBD Capital records strongest ever quarter in debt capital market

Emirates NBD Capital records strongest ever quarter in debt capital market

Emirates NBD Capital led 24 transactions in Q1 2021 raising over $18bn

Emirates NBD

Emirates NBD Capital, the investment banking arm of Dubai-headquartered Emirates NBD, has recorded its strongest ever quarter in the debt capital markets.

Emirates NBD Capital’s debt capital markets (DCM) team led 24 transactions in Q1 2021 raising over $18bn for its sovereign, financial institutions and corporate clients.

Emirates NBD Capital also continued to grow its Environmental, Social and Governance (ESG) practice, leading a further five ESG issuances in Q1 including the first ESG issuance in Russia in 2021 – a $300m ESG bond for Sovcombank, the third largest privately-owned bank in Russia by total assets.

“We are particularly pleased to see the growth in ESG issuances which we feel will be an integral part of financing in the emerging markets,” said Hitesh Asarpota, managing director, head of loan syndications and debt capital markets at Emirates NBD Capital.

Emirates NBD Capital also led on the debut $450m green bond from Delhi International Airport Limited and a $561m green bond for Continuum Energy Levanter Pte Ltd.

Its transactions came from 12 geographies including members from the GCC, China, Hong Kong, India, Kazakhstan, Maldives, Pakistan, Russia, and the UK.

The team led transactions in several currencies including USD, EUR and GBP across a wide range of ratings (from AA to CCC+ and unrated issuances) and across the full capital spectrum (senior secured, senior unsecured, Tier 1 and Tier 2 capital).

Emirates NBD Capital undertook significant transactions including the Pakistan’s $2.5bn bond, the largest ever USD bond offering from Pakistan and its largest 30-year offering and first ever triple-tranche offering; a $1.75bn bond for Galaxy Pipeline Assets Bidco Limited; and the Credit Bank of Moscow’s EUR600m bond – the largest ever private sector EUR-denominated bond offering from Russia and first transaction from Russia and the CIS region in 2021.

Notably, the investment bank also led on several landmark sukuk transactions including a GBP500m sukuk for The Lords Commissioners of Her Majesty’s Treasury – UK Government, the largest ever sukuk offering from a Western government issuer; and a $200m sukuk for the Government of the Republic of Maldives, for which around 50 per cent allocation was to Middle East investors.

“Our record first quarter sets a strong marker for 2021 with a substantial pipeline and momentum for further issuances in conventional bonds, sukuk and ESG offerings yet to come,” said Ahmed Qassim, senior executive vice president and group head, corporate and institutional banking at Emirates NBD.

You might also like


Scroll To Top