Dubai – Mubasher: Nasdaq Dubai has welcomed the listing of $750 million additional Tier 1 Capital bonds by Emirates NBD, marking the second listings of bonds from the bank in 2021.
The perpetual bonds pay a coupon of 4.25%, which is the lowest pricing for a conventional Tier 1 bond from the UAE and the second-lowest from the Middle East, according to a press release on Wednesday.
Oversubscribed 2.3 times, the issuance has witnessed strong demand, with 64% of investors coming from the Middle East, 12% each from Asia and Europe, 10% from the UK, and 2% from elsewhere.
The listing boosts Emirates NBD’s position as the largest financial services bond issuer on Nasdaq Dubai with seven listings at a total value of $5.1 billion.
The Vice Chairman and Managing Director of Emirates NBD, Hesham Abdulla Al Qassim, remarked: "The UAE’s vaccination drive and proactive response to Covid-19 enabled commerce to swiftly reopen and the economy remains well-positioned to expand in 2021. Emirates NBD continues to actively facilitate customers to take advantage of growth opportunities."
Meanwhile, the Chairman of Nasdaq Dubai, Abdul Wahed Al Fahim, commented: "Nasdaq Dubai continues to enhance its listing infrastructure building upon the notable successes of the year 2020 that enabled us to accomplish a record year for new debt listings."
It is noteworthy to mention that in January, the bank celebrated the listing of a five-year conventional bond worth $750 million on Nasdaq Dubai, which was the first public debt issuance from the UAE in 2021.