DUBAI 27 March 2019: The newly appointed Chief Executive Officer of Emirates Development Bank (EDB), Faisal Aqil Al Bastaki, rang the market-opening bell today to celebrate the listing of a US$750 million conventional bond on Nasdaq Dubai.
EDB’s bond was the first ever issued by a UAE federal entity. The five-year instrument with a coupon of 3.516 per cent was nearly five times oversubscribed and was issued under the bank’s new three billion dollar Euro Medium Term Note (EMTN) programme.
The listing supports EDB’s specialised activities aimed at expanding the UAE’s economy including providing financing solutions for housing for UAE nationals, as well as banking services to the SME sector.
Allocation of EDB’s bond was well diversified with 42 percent to Asian investors, 36 per cent to the Middle East and 22 per cent to Europe.
The UAE’s Public Debt Law of 2018 enabled the federal government to issue sovereign debt for the first time.
EDB’s bond listed on Nasdaq Dubai on March 6, 2019. The total value of all conventional bonds and Sukuk on Nasdaq Dubai has now reached 76.28 billion US dollars.
