Dubai – Mubasher: Emirates NBD has rung the market-opening bell at Nasdaq Dubai for listing $750 million conventional bonds, with a coupon of 6.125%, according to a press release on Wednesday.

The issuance of perpetual bonds, which is callable after six years, will be used in financing the bank's activities that support its customers and the UAE economy amid the coronavirus (COVID-19).

The issuance has attracted investors of different nationalities with 37% of orders coming from Europe, 33% from MENA, and 30% from Asia.

The bonds were oversubscribed with a demand of $2.3 billion, allowing the bank to decrease the interest rate to 6.125% from the initial 6.5% guidance.

Emirates NBD is the largest financial services bond issuer on Nasdaq Dubai with six listed issuances at a total value of $4.1 billion.

The bank's Vice Chairman and Managing Director, Hesham Abdulla Al Qassim, said: "This bond issue represents the first Additional Tier 1 transaction from an Emerging Market bank since the COVID-19 market disruption."

The chairman of Nasdaq Dubai, Abdul Wahed Al Fahim, commented: "As the region’s international financial exchange, Nasdaq Dubai is strengthening its role as a centre for capital-raising by private and public sector issuers from the UAE, the MENA region and globally."