Dubai - Dubai's biggest bank Emirates NBD sold $500 million in five-year bonds in its first public debt sale of the year which received more than $1 billion in orders, a bank document showed on Tuesday.
The bank tightened the final spread by 20 basis points to 155 bps over U.S. Treasuries for the bonds sale arranged by Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, HSBC, SMBC and Standard Chartered Bank.
The sale came as Saudi Arabia and Abu Dhabi sovereign wealth fund Mubadala also issued bonds on Tuesday.
Bond issuances in the Gulf have plummeted this year as the region reaps the rewards of high oil prices, with all six Gulf Cooperation Council countries expected to post surpluses, for some for the first time in years.
Issuers have also been wary of tapping the markets in a year that has been marked by volatility and as interest rates continue to rise amid an aggressive tightening cycle by the U.S. Federal Reserve to tame decades-high inflation.
Emirates NBD, nearly 56% owned by the government's Investment Corporation of Dubai, last sold bonds in the public debt markets in May last year, raising $750 million with Additional Tier 1 bonds non-callable for six years after raising the same amount via five-year bonds in January 2021.
It had $194 billion assets at the end of June, an investor presentation viewed by Reuters on Tuesday showed, making it the fourth largest bank in the Gulf behind Qatar National Bank, First Abu Dhabi Bank and Saudi National Bank.
(Reporting by Yousef Saba; Editing by Clarence Fernandez and Emelia Sithole-Matarise)