UAE's Emirates Development Bank lists $750mln bonds on Nasdaq

Listing reinforces Dubai's position as region's largest venue for dollar-denominated debt listings

  
A man is seen at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019. Image used for illustrative purpose

A man is seen at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019. Image used for illustrative purpose

REUTERS/Christopher Pike

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 

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