Abu Dhabi – Mubasher: Emirates Development Bank (EDB) has closed a $750 million 5-year senior bond issue at a 3.516% coupon in the Regulation S markets.

The UAE-based bank’s last issuance conducted under its $3 billion Euro Medium Term Note (EMTN) programme, which is aimed at the improvement of bank’s funding profile, Emirates News Agency (WAM) reported on Saturday.

The book order was oversubscribed by 4.7 times, reaching $3.5 billion, which reflects investors’ exercise demand of EDB’s credit offering.

"This deal establishes a tightly priced and liquid benchmark for EDB, and formed an important objective as the first federal entity to issue bonds from the UAE,” EDB’s chairman Obaid bin Humaid Al Tayer said.

Emirates NBD Capital acted as the transaction’s sole financial advisor and a joint global coordinator, joining other banks in the role of the joint lead manager, including Industrial and Commercial Bank of China, Standard Chartered Bank, and Union National Bank (UNB).