The DIFX listing provides the investor base - both local and international with an opportunity to trade the Bond actively through the Exchange which brings depth and liquidity to the market and improves comfort and transparency for the investors.
The issue was very well received internationally with 77% of the issue being taken up by investors in UK, Europe and Asia. Sources close to the market said the Bond was performing well in the Secondary market as spreads tightened due to continuing strong demand for the paper. The FRN Notes which expire in Dec 2010 carry a Floating Rate Coupon of 3months USD Libor + 35 bps.
"The National Bank of Dubai takes pride in its ongoing commitment towards the development of Capital markets in Dubai and the UAE, said Abdullah Mohamed Saleh, Chairman, National Bank of Dubai. It was not a liquidity raising exercise since NBD enjoys one of the highest liquidity ratios in the Gulf. However, the issue comes at a time when credit demand is strong particularly in the longer tenors, thanks to growing business opportunities in UAE / Dubai. It was a strategic decision dictated by prudence to close out anticipated liquidity gaps going forward. We also anticipate that listing on DIFX will further expand our investor base. I am also pleased to announce that NBD is applying to DFSA for an investment banking license".
NBD recently became the first bank in Dubai to get an interactive S & P rating of 'A' in addition to a Moody's long term rating of 'A1'. Key benchmarks such as very low non-performing loan ratios, strong revenue diversification, high liquidity and capital adequacy ratios provides security to investors.
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National Bank of Dubai lists Bond at DIFX
- United Arab Emirates: Wednesday, December 21 - 2005 at 14:31
- PRESS RELEASE
National Bank of Dubai, announced today that it will soon list its recently launched USD 750 Million Bond on the Dubai International Financial Exchange (DIFX).
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About the National Bank of DubaiFounded in 1963, the National Bank of Dubai is the oldest, locally incorporated bank in the Southern Gulf. Recognized as the bank with a performance that is second-to-none, NBD has built a reputation of stability and strength much appreciated by shareholders and customers alike.
Offering diversified financial services, NBD is a leader in corporate banking. Its portfolio covers a wide range of services including transport, real estate, construction, manufacturing, tourism and service industries throughout the region. In addition, NBD's 'Private Office' provides private banking services, offering highly tailored solutions to preserve and protect the personal wealth of its customers. Along with supplying customers with a variety of exclusive service based products, secured facilities, Credit Cards, personal loans, , auto loans and home loans, the National Bank of Dubai also offers a variety of treasury products and services, advising customers on exchange markets and interest rate outlook. NBD, also recently launched Suhail Priority Banking Services, a premier banking service offering customers personalized relationship management and a host of exclusive products and services. Furthermore, NBD presents their customers with automated banking services, which consist of an internet service (NBD Online), a telebanking facility (NBD Telebank), and an SMS based service (NBD Mobile). With a comprehensive card portfolio that provides an array of benefits, the National Bank of Dubai has, over the years, built a wide ATM network as well as Point of Sale terminals in select locations throughout the UAE.
The National Bank of Dubai currently has an extensive branch network that includes 40 branches throughout the UAE. In addition, NBD also has a branch in London and a representative office in Tehran.
Press release issued on behalf of the National Bank of Dubai by Hill & Knowlton Dubai.
Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, December 21 - 2005 at 14:31 UAE local time (GMT+4)
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