The total value of conventional bonds and sukuk listed on Nasdaq Dubai continued to grow, reaching $ 77.47 billion (Dh284.3 billion) with local entities taking the lead.
A press statement issued on Tuesday said that conventional bonds listed on the bourse totalled $10.08 billion after Dubai’s largest bank, Emirates NBD, listed a $1 billion bond on the equity derivative exchange. Dubai is already the largest centre in the world for listed Sukuk by value at $59.39 billion. A statement issued by the two entities said that Emirates NBD is the largest conventional bond issuer on the exchange with eight issuances valued at $5.28 billion
Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said that the bourse is looking forward to further bond listings from a range of private and public sector issuers.
“Our exchange infrastructure and the global visibility that we provide are well positioned to support Emirates NBD, as the bank further develops its mission as a major provider of financial services to corporate and individual clients. We look forward to strengthening our longstanding relationship with the Emirates NBD Group, whose activities on Nasdaq Dubai cover equities brokerage services as well as issuance,” said Hamed Ali, CEO of Nasdaq Dubai.
On Tuesday, Hesham Abdulla Al Qassim, vice-chairman and managing director of Emirates NBD, rang the market-opening bell at Nasdaq Dubai to mark the listing of $1 billion conventional bond.
“As we make use of long-term funding opportunities to further develop our banking services for businesses and individuals, our strong links with Nasdaq Dubai provide us with a high international profile and excellent regulatory framework for our bonds. Our latest issuance was well received by a wide range of investors across Europe, Asia and the Middle East, demonstrating their confidence in the ongoing performance of Emirates NBD,” said Hesham Abdulla Al Qassim.
“The listing of Emirates NBD’s latest bond demonstrates the commitment of Dubai’s leading financial services institutions to collaborate for their common benefit, by making effective use of the region’s capital markets. Dubai will continue to enhance its listing infrastructure on behalf of UAE and overseas issuers and investors,” said Essa Kazim, governor of Dubai International Financial Centre and chairman of Dubai Financial Market.
According to an Emirates NBD note released earlier this month, the GCC primary market was healthy with total new issuance in dollar denominated fixed rate bonds exceeding the $31 billion mark. While sukuk issues lagged steam with only $5 billion of new issues in Q1. The first issuance under the new debt law in the UAE was done by the Emirates Development Bank that priced a $750 million Reg S transaction and intends to become a regular issuer in hard as well as local currency denominated issues.
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