NASDAQ Dubai, the Middle East’s international financial exchange, welcomed the listing of a seven hundred and fifty million US Dollar conventional bond issued by Dubai-based Emirates NBD.
The listing by one of the region’s leading banking groups further expands Dubai’s role as a major listing venue for fixed income securities. It brings the nominal value of conventional bonds and Sukuk (Islamic bonds) on Dubai exchanges to USD 19.70 billion.
The issue was 3½ times oversubscribed with more than 160 orders received from regional and international investors. 47% of the bond was allocated to MENA based investors, 28% was allocated to investors based in Asia and 25% was allocated to investors based in Europe.
Hesham Abdulla Al Qassim, Vice Chairman Emirates NBD said: “We are pleased to list Emirates NBD Bond on NASDAQ Dubai. The exchange’s international stature gives our bond high visibility, both across the region where our business is focused, and beyond. Listing the bond on NASDAQ Dubai means we also benefit from the support of an international regulatory framework from within the UAE. The listing process was streamlined and attractive to us as an issuer seeking to undertake an international bond issue”.