DUBAI - Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group and Chairman of Emirates Islamic, today rang the market-opening bell at Nasdaq Dubai to celebrate the listings of AED1 billion-bond from Emirates NBD and AED1 billion Sukuk from Emirates Islamic.
These first of their kind dirham-denominated issuances by a financial institution reflect continued momentum in developing the local currency fixed income market spearheaded by the UAE’s Ministry of Finance’s T-Bond Programme.
The three-year bond and Sukuk priced at 5.125 percent and 5.05 percent respectively and had a combined order book in excess of AED4.25 billion, with strong demand from investors in Asia, the Middle East and Europe.
Al Qassim said, “We are proud that Emirates NBD and Emirates Islamic have taken a pioneering role in supporting the UAE’s dirham-denominated bond and Sukuk market. Our inaugural local currency bond and Sukuk will play a key role in deepening market liquidity and pave the way for issuers to tap the local currency debt capital market at attractive pricing. Our dirham-denominated bond and Sukuk, the first to be issued by a UAE bank, will also facilitate access to financing for local businesses. The Group remains committed to being at the forefront of innovation and an integral part of the Ministry of Finance’s drive to create a medium-term yield curve, which will enhance the dynamism of our capital markets and promote sustainable long-term economic growth.”
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), added, “We would like to congratulate Emirates NBD and Emirates Islamic on becoming the first financial institutions to issue dirham-denominated bonds and Sukuk respectively, following the development of the dirham yield curve by the UAE Ministry of Finance. These pioneering transactions support the UAE's strategy in developing the local debt capital markets. At Nasdaq Dubai, we are proud to participate in realising this objective through our progressive ecosystem that creates numerous capital markets’ opportunities for issuers and investors alike.”