Dubai: Emirates Development Bank, one of the pivotal players in the UAE’s industrial strategy, has listed its $750 million bond on Nasdaq Dubai.
The five-year debt issue has been priced at a yield of 1.63 per cent and was four times oversubscribed, with 34 per cent being investors from the region itself, 36 per cent from Europe, 28 per cent from Asia, and 2 percent from US offshore market. The listing reinforces Dubai’s position as the largest listing destination in the Middle East for dollar-denominated debt listings, with a total value of $96.87 billion.
The bank’s debut $750 million bond, issued in 2019, also received an overwhelming response from investors.
“This bond issue enhances our financing capabilities and progress towards implementing the bank’s new strategy, which aims to support the country’s economic diversification plans empowering individuals besides playing a key role in the adoption of advanced technologies to contribute towards a knowledge-based economy,” said Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB.
The $750 million bond issue is an endorsement of EDB’s long-term prospects and reflects our strong credit profile and new strategic roadmap. This transaction helps us mobilise capital to accelerate our long-term goals of supporting the UAE’s economic diversification plans.
– Ahmed Mohamed Al Naqbi, CEO of EDB