Some of America's most prestigious universities have been rocked by protests in recent weeks as students and other agitators take over quads
The loan, which is the first of its kind in the region in terms of its unique structuring, was fully subscribed by J.P. Morgan.
The loan, raised at “a margin of 1.75 per cent per annum over applicable reference rates plus structuring fee, set a new pricing benchmark for UAE based borrowers,” the bank, which posted a 60 per cent drop in third-quarter profit due to increased bad loan provisions, claimed. “The UAE economy, particularly its financial sector, remains robust and well equipped to cope with challenges and capitalise on available opportunities. This successful transaction is a testament of the market’s confidence in Emirates NBD as a premier financial institution in the Middle East, with an established track record, solid fundamentals and excellent future prospects,” said Rick Pudner, chief executive of Emirates NBD.
He said the competitive pricing achieved on this transaction sets a new benchmark for the UAE borrowers seeking to tap the markets in current market conditions. “Having successfully tapped the securitisation market earlier this year and now having successfully structured this benchmark transaction, Emirates NBD continues to take lead in exploring new and innovative avenues for fund raising, seeking to address the systemic shortage of stable long-term funding in the UAE financial system by pushing out tenors at competitive pricing.”
“The structuring of this transaction re-affirms Emirates NBD’s continuous drive to explore and tap innovative opportunities with the objective of extracting maximum value for all stakeholders,” said Mohammad Kamran Wajid, General Manager, Institutional and International Banking & Debt Capital Markets of the bank. The competitive pricing achieved by Emirates NBD on this transaction is a reflection of its strategically important status in the UAE financial sector, he said. The collaboration with J.P. Morgan on this transaction also testifies the excellent relationship Emirates NBD shares with its relationship banks, the banks said.
Some of America's most prestigious universities have been rocked by protests in recent weeks as students and other agitators take over quads
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