EDB rings Nasdaq Dubai’s market-opening bell to celebrate $750m bond listing
Bonds successful issuance strengthens EDB’s active role promoting economic diversification in the UAE.
Emirates Development Bank (EDB) today rang Nasdaq Dubai’s market-opening bell to celebrate the listing of a $750 million bond, in the presence of Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank; Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of Dubai Financial Market (DFM), as well as senior executives from both sides.
Al Naqbi 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.”
The five-year bond issuance received strong demand from investors, as 34 per cent of appetite came from MENA markets, 36 per cent from European markets, 28 per cent from Asian markets and two per cent from US offshore market.
Ali 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.”
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 dollar denominated debt listings, with a total value of $ 98.5 billion.
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