Nasdaq Dubai welcomed on Tuesday the listing of $750 million bonds by state-run Emirates Development Bank. 

In a statement, Nasdaq said the listing boosts Dubai’s status as the hub for dollar-denominated debt issuances in the Middle East, with a total value of $96.876 billion. 

Emirates Development Bank’s five-year bond issuance is priced at a yield of 1.639 percent. It has been four times oversubscribed and generated a strong demand from investors around the world. 

“[About] 34 percent of appetite came from MENA markets, 36 percent from European markets, 28 percent from Asian markets and 2 percent from US offshore market,” Nasdaq said. 

Last week, Dubai’s largest lender Emirates NBD listed its $750 million Additional Tier 1 (AT1) capital bond on Nasdaq, marking the bank’s second offering for 2021 and raising the total value of its bond listings to more than $5.1 billion. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here

© ZAWYA 2021