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قديم 11-14-2014, 01:06 PM   #1
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افتراضي Emirates NBD`s $1 billion 5-year bond sale finds robust demand

Emirates NBD was said to have raised $1 billion from a five-year bond sale, sources familiar with the matter said, which marks the third debt sale by the UAE’s second-largest bank in only two months.

The state-owned bank will pay a 3.25% coupon on the Baa1-rated bonds, or 1.5 percentage points over the midswap rate.

NBD finished the deal at a price between 150 and 155 basis points, which was within the Initial Price Thoughts (IST) in the range of 165 basis points.

Orders topped $3 billion, prompting pricing to tighten.

Throughout the last two months, Emirates NBD sold a NZ$100 million in bonds, also with a five year maturity, in addition to $500 million of perpetual notes.

Bond sales in the Gulf have fallen this year, but Emirates NBD have been issuing bonds with notable diversification and at a greater rate than what was seen over the last decade in the region.

This is the first time Emirates NBD since 2012 has issued a senior unsecured dollar-denominated bond.

And considering the massive demand seen from investors on the bank’s bond, the deal was priced without the new issue premium that borrowers usually offer to provide an incentive for investors to buy new issues.

Whenever Emirates NBD goes to the debt market to find capital, it finds so with great east, as investors are pretty optimistic about the financial situation of the bank, and the economy overall.

The demand seen by the bank is prompting other companies in the region to turn to the debt capital market to find funds.
Hazem Ahlawy غير متواجد حالياً   رد مع اقتباس
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