(MENAFN- Khaleej Times) Nasdaq Dubai's conventional bonds value hits $8.77b with Emirates NBD new listings.
Shaikh Ahmed bin Saeed Al Maktoum rings market-opening bell on Sunday to mark the listing of two bonds on Nasdaq Dubai. Essa Kazim Hesham Abdulla Hamed Ali Shayne Nelson and other guests were also present on the occasion. Supplied photo
Dubai: Shaikh Ahmed bin Saeed Al Maktoum Chairman of Emirates NBD rang the market-opening bell on Sunday to mark the listing of two conventional bonds totalling $951 million on Nasdaq Dubai.
With the new listings Nasdaq Dubai’s total conventional bonds value reached $8.77 billion as Emirates NBD group one of the region’s leading banking groups with total assets worth Dh367.5 billion reinforced its position as the largest issuer of conventional bonds on Dubai’s exchanges with a total nominal value of $4.78 billion from its eight listings.
The two debt issues one of $601 million and the other of $350 million reflect Emirates NBD’s continuing expansion as a leading regional financial institution Nasdaq Dubai said in a statement. The Emirates NBD group is the largest issuer of conventional bonds on Dubai’s exchanges with a total nominal value of $4.78 billion from eight listings. The previous listing of a $500 million conventional bondwas in September 2014.
The bell ceremony took place in the presence of Essa Kazim Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM); Hesham Abdulla Al Qassim vice chairman of Emirates NBD; Abdul Wahed Al Fahim chairman of Nasdaq Dubai; Shayne Nelson chief executive of Emirates NBD; and Hamed Ali chief executive of Nasdaq Dubai. Shaikh Ahmed said Emirates NBD views Nasdaq Dubai as the ideal exchange to underpin its fund-raising needs as it expands banking activities in the UAE and internationally.
“Nasdaq Dubai’s close links to investors around the world and its first class regulatory standards create a reliable and effective listing structure.” Kazim said that Emirates NBD’s latest bond listings further strengthen Dubai’s role as a capital markets centre of excellence able to accommodate listings in diverse international currencies and providing global reach and visibility. “Dubai’s exchanges will continue to enhance their procedures and framework to meet the needs of market participants.” Al Fahim said Nasdaq Dubai the region’s international financial exchange is committed to supporting economic growth and wealth creation in the region. It is achieving these goals by facilitating capital-raising by a range of private and public sector issuers that are active in a growing range of industries” he said.
The total nominal value of Nasdaq Dubai’s conventional bonds has now reached $8.77 billion as a result of Emirates NBD’s latest two bonds which were listed on March 24 2015 and May 7 2015 respectively. Al Qassim said that the successful collaboration between Emirates NBD and Nasdaq Dubai is providing strong support for the growth of the capital markets in the UAE. “The exchange’s responsive infrastructure and strong links to investors make it an ideal platform for Emirates NBD and other issuers to showcase their securities.” Nelson said the bank continues to diversify its sources of funding by issuing debt in a wide range of currencies. “Emirates NBD’s euro-denominated bond issuance the first euro benchmark issue by a Gulf bank since 2007 was extremely well received and allowed us to successfully broaden our European investor base. Nasdaq Dubai’s world-class market infrastructure and unique access to regional and global investors makes it an ideal exchange partner for Emirates NBD’s debt listings.”
Hamed Ali said the exchange would build further on its success as a leading venue for debt listings both conventional and Islamic through innovation and by expanding its regional and international links. In post-listing services its focus includes streamlining its custody and transfer framework and promoting on-exchange debt trading he added.
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