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- Successful issuance reflects market confidence in prominent banking group and Dubai
- Bank is largest financial services bond issuer on the exchange with six listed issuances valued at 4.35 billion dollars
Dubai – Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, rang the market-opening bell at Nasdaq Dubai today to celebrate the listing of a 750 million US dollar conventional bond.
The bond is the first public debt issuance from the UAE in 2021. The proceeds raised will assist Emirates NBD, one of the largest banking groups in the region, as it supports customers and the wider UAE economy in achieving comprehensive recovery from the effects of COVID-19.
The five-year bond pays a coupon of 1.638%, the lowest ever coupon on a five-year benchmark transaction from Emirates NBD. The issuance attracted 2.3 billion US dollars in orders from over 140 accounts. Demand was global with 49% of appetite coming from Asia, 35% from Europe, 11% from MENA and 5% from the US and elsewhere.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said: “Our successful issuance of the first public bond out of the UAE in 2021 reflects our commitment to support our retail and business customers and strengthen our provision of vital services to enable them to prosper. As the UAE prepares for durable economic recovery from the disruption caused by COVID-19, we are delighted to play a role in promoting economic and social wellbeing in line with the effective policies of the national leadership.”
Emirates NBD is further developing its services including retail banking and wealth management, corporate and institutional banking, global markets and treasury and Islamic banking. In particular, it is expanding its pioneering focus on digital banking innovation.
His Excellency Essa Kazim, Governor of Dubai International Financial Centre and Chairman of Dubai Financial Market (DFM), said: “The listing of Emirates NBD’s latest bond on the region’s international financial exchange demonstrates the capacity of the UAE’s leading financial services institutions to collaborate effectively in capital markets transactions that benefit investors and strengthen the economy. Dubai will continue to enhance its listing infrastructure on behalf of UAE and overseas issuers and market participants.”
Emirates NBD is the largest financial services bond issuer on Nasdaq Dubai with six listings valued at 4.35 billion dollars.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "Following a record year for new debt listings in 2020, we look forward to hosting many significant listings in 2021 from prominent issuers from the UAE, the wider Middle East and globally. The exchange is positioned to play a growing role in expanding Dubai’s capital markets leadership in the region and connecting a widening range of issuers and investors.”
Dubai is the largest venue in the Middle East for USD denominated debt listings, with a total value of 91.1 billion US dollars. Nasdaq Dubai’s new Sukuk and conventional bond listings in 2020 reached an annual record of 19.15 billion US dollars, up 8% from the previous record of 17.7 billion US dollars in 2019.
Shayne Nelson, Group CEO of Emirates NBD, said: "The success of our latest bond issuance and the strong appetite from global investors reflect the sound strategies that Emirates NBD is pursuing and strong market confidence in the economy of Dubai and the UAE. Nasdaq Dubai provides us with excellent links to investors in the region and globally together with high public visibility.”
Hamed Ali, Chief Executive of Nasdaq Dubai and Deputy Chief Executive of DFM, said: "We are delighted to provide fresh support for Emirates NBD’s beneficial and innovative financial services activities as the UAE economy prepares for further development in 2021. Dubai’s exchanges are committed to strengthening the Emirate’s role as a centre for capital-raising and promoting regional and international investor flows.”
Emirates NBD’s latest 750 million US dollar bond listed on Nasdaq Dubai on January 13, 2021.
About Nasdaq Dubai
Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).
The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading Banking Group in the MENAT region. As at 30th September 2020, total assets were AED 692 Billion, (equivalent to approx. USD 188 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Bank expanding its presence to 13 countries, servicing over 14 million customers. The Bank is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands.
The Bank has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Bank announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named “UAE’s Best Bank” in 2020 for a fifth consecutive year by Euromoney. In addition, Emirates NBD received the “Excellence in Leadership in the Middle East” award, introduced this year in light of the Covid-19 impact, as a recognition of its efforts in responding to the Covid-19 crisis.
The Bank has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 925 branches and 4,115 ATMs / SDMs. The Bank has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.
Emirates NBD is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. The Bank is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.
© Press Release 2021
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