Emerging economies’ bloc ditches greenback in $260b worth trade
economy2 hours ago
Nasdaq Dubai on Tuesday welcomed the listing of $750 million bonds by Emirates Development Bank (EDB) that further strengthened the emirate’s position as the largest listing venue for US dollar-denominated debt listings in the Middle East.
This is the second major listing on Nasdaq Dubai during the last seven days, pushing the total value of US dollar-denominated debt listings to $96.876 billion.
Last week, Emirates NBD celebrated the listing of a $750 million bond on Nasdq Dubai. The listing of this additional Tier 1 Capital bond reinforces Emirates NBD’s position as the largest financial services bond issuer on Nasdaq Dubai through seven listings with a total value of $5.1 billion.
The EDB’s five-year bond issuance has been priced at a yield of 1.639 per cent and was four times oversubscribed with a 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.
Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment.
— muzaffarrizvi@khaleejtimes.com
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