Dubai, 6 July 2021: Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank (EDB), a key financial enabler of economic diversification in the United Arab Emirates, today rang Nasdaq Dubai’s market-opening bell to celebrate the listing of a US$ 750 million bond, in the presence of Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of Dubai Financial Market (DFM), as well as senior executives from both sides.
The five-year bond issuance has been priced at a yield of 1.639% and was 4 times oversubscribed with a strong demand from investors, as 34% of appetite came from MENA markets, 36% from European markets, 28% from Asian markets and 2% from US offshore market.
Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, said: “The successful second issuance of our $750 million bond issue, which was oversubscribed four times, reflects the Global & Local investor confidence in our strategy to support UAE’s economic diversification plans. The program will be fundamental to support individuals, SMEs, and corporates across priority industrial sectors in the UAE to build a knowledge-based economy. EDB is thankful to Nasdaq Dubai’s global visibility and well-regulated listing environment, which played a pivotal role in the success of our bond issue.”
From his side, Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, said: “We are pleased with the accelerating pace of issuances and listings on Nasdaq Dubai, the international exchange of the region. These transactions, including the new bond listing from EDB, one of the leading financial institutions in the country, is clearly indicating their deep confidence in the robust listing framework of Nasdaq Dubai inline with the requirements of prominent corporations and investors. The issuance also underlines corporations’ commitment to play a pivotal role in financing the economic development, as the UAE leads post-COVID 19 economic recovery in the region.”
The EDB bonds have been listed on Nasdaq Dubai on 15 June 2021, reinforcing Dubai’s leading status as the largest listing venue in the Middle East for US$ denominated debt listings, with a total value of US$ 96.876 billion.