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 slide of 52 per cent from Dhs14.5bn recorded in 2019.

Read: Dubai’s Emirates NBD reports a 52% slide in net profit for 2020

Its total assets stood at Dhs698bn at the end of 2020, up 2 per cent from Dhs683bn in 2019. Its total income of Dhs23.2bn in 2020 improved 4 per cent, year-on-year.

Earlier this year, Emirates NBD Capital, the investment banking arm of Emirates NBD, recorded its strongest ever quarter in the debt capital markets. It led 24 transactions in Q1 2021 raising over $18bn for its sovereign, financial institutions and corporate clients.