Emirates NBD lists $951m bonds on Nasdaq Dubai

17/05/2015 17:34 AST

Nasdaq Dubai said on Sunday Emirates NBD had listed $951 million (Dh3.5 billion) of bonds, reflecting the banks continuing expansion as a leading regional financial institution.

"As we expand our banking activities in the UAE and internationally, Emirates NBD views Nasdaq Dubai as the ideal exchange to underpin our fund-raising needs," Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation, Chairman of Emirates airline & Group and Chairman of Emirates NBD, said in a statement.

The Emirates NBD group is the largest issuer of conventional bonds on Dubai's exchanges, with a total nominal value of $4.78 billion from its eight listings, the statement added.

The total nominal value of Nasdaq Dubai's conventional bonds has now reached $8.77 billion as a result of Emirates NBD's latest two bonds with nominal value of ?550 million and $350 million, which were listed on March and May 2015 respectively.



Diversification approach

"We continue to diversify our sources of funding by issuing debt in a wide range of currencies," Shayne Nelson, chief executive of Emirates NBD.

Emirates NBD's euro-denominated bond issuance, the first euro benchmark issue by a Gulf bank since 2007, allowed the bank to successfully broaden its European investor base.

Nelson said Nasdaq Dubai's world-class market infrastructure and unique access to regional and global investors make it an ideal exchange partner for Emirates NBD's debt listings.

"The exchange will build further on its success as a leading venue for debt listings, both conventional and Islamic, through innovation and by expanding its regional and international links. In post-listing services its focus includes streamlining its custody and transfer framework and promoting on-exchange debt trading," Hamed Ali, chief executive of Nasdaq Dubai, said.

Nasdaq Dubai's shareholders are the Dubai Financial Market, which holds a two-thirds stake, and Borse Dubai owns the remaining one third.

The Dubai Financial Services Authority regulates the bourse.

Gulf News