Nasdaq Dubai, the Middle East’s international financial exchange, has welcomed the listing of a $1 billion conventional Tier 1 bond issued by Emirates NBD, one of the region’s leading banking groups. 

 

The bond is the second to be listed by Emirates NBD on the exchange this year, following a $750 million listing by the bank in March. 

 

It brings the total value of conventional bonds on Nasdaq Dubai to $5.75 billion, supporting its rapid growth as a leading listing venue for fixed income securities.    

 

The latest Emirates NBD issue was 4.9 times oversubscribed. The order book, with 230 orders, had strong international and regional demand. 41 per cent of the bond was allocated to Asian based investors, 36 per cent to investors in Europe and 23 per cent to Mena investors. 

 

Hesham Abdulla Al Qassim, vice chairman, Emirates NBD said: “Following the success of our second public bond issue in two months, we are delighted to again list this bond on Nasdaq Dubai. The exchange’s international stature and regulatory structure give strong support to our profile, both in the UAE and overseas. The straightforward listing process makes the exchange attractive to us as a leading international bond issuer”.

 

Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: “Emirates NBD’s new bond has given further impetus to the growth of the fixed income sector in Dubai and the UAE. As economic expansion continues, we look forward to further capital-raising taking place by a variety of businesses using this asset class, combined with listing on the first class infrastructure that our exchange provides”.  - TradeArabia News Service