UAE- Emirates NBD Capital’s debt capital markets team has marked 2020 a record year of debt capital transactions by completing 60 deals across the GCC. The team has already priced ten transactions in January 2021 and has a strong pipeline of mandates expected to be completed over the course of the first quarter. With expertise in the origination and structuring of debt products, both conventional and Islamic, Emirates NBD Capital ranked third in terms of number of deals successfully executed in 2020 in international Sukuk and top seven in CEEMEA dollar bonds in 2020.
Fahad Abdulqader Al Qassim, chief executive officer, Emirates NBD Capital, said: “Emirates NBD Capital has established a strong track record in delivering tailored financing solutions for clients, both in conventional and Shari’ah compliant formats. Our team has delivered a record number of successful issuances for our clients in 2020 despite market challenges, which stands testament to our capabilities and expertise.”
The investment bank led on several landmark sukuk transactions including Islamic Development Bank’s $1.5 billion sustainable sukuk, proceeds of which will be used to mitigate the impact of Covid-19 in its member nations and assisting the Dubai Department of Finance (DoF) issue a $1 billion 10 year sukuk and a $1 billion 30-year bond, marking its return the public capital markets since 2014. The team executed its first two transactions from Russia, pricing a $600 million 5-year senior bond for Credit Bank of Moscow and a $300 million Tier 1 bond for Sovcombank, both leading private banks in Russia.
Environmental, Social and Governance (ESG) issuances are gaining in prominence and the debt capital team at Emirates NBD led five such issuances in 2020, including a $500 million five-year transition sukuk for Etihad Airways, the first such sukuk globally, a $450 million blue bond for China Industrial Bank and a $750 million social bond for Vakifbank from Turkey.
Emirates NBD Capital’s contribution to excellence in Shariah compliant financing was recently recognised by the prominent Global Islamic Finance Awards (GIFA) committee this year with the investment bank named Sukuk Lead Manager of the Year 2020.
2020 has been a busy year for debt capital markets issuances with several countries and institutions based in the GCC taking advantage of low interest rates to issue large amounts of bonds and sukuk. In 2020 borrowers from the region raised a record $118 billion through bond placements and industry insiders have announced that the year’s total has set a new record.
Hitesh Asarpota, managing director, head of loan syndications and debt capital markets, Emirates NBD Capital: “Emirates NBD Capital has been able to broaden its geographical reach and is now positioned as a true emerging markets debt house. Our debt capital market advisory has continued to gain in reputation among sovereigns and corporates seeking an experienced partner with an established track record and global distribution. While maintaining a leadership position in the Middle East, Emirates NBD Capital has successfully expanded its geographic reach to cover issuers from Turkey, China, India and Russia.”
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