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DIFX to list National Bank of Dubai bond, in first UAE issue on exchange

  • United Arab Emirates: Tuesday, January 17 - 2006 at 16:50
  • PRESS RELEASE

The National Bank of Dubai (NBD) will list its recently launched US $750m Floating Rate Note on the Dubai International Financial Exchange (DIFX) on January 18th, 2006, opening a new phase in the exchange's development.

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At the time of issue, 77% was taken up by investors in UK, Europe and Asia, with the remainder being allocated to Middle Eastern investors. The Floating Rate Note, which matures in December 2010, carries a Coupon of three months USD Libor + 0.35%.

Commenting on the issue, Mr Steffen Schubert, Chief Executive Officer of the DIFX said:
"This is a significant milestone in the development of the DIFX. Not only is this the first debt instrument to list on this market, it is expected to be the first of a number of issues in 2006 from a United Arab Emirates company. The NBD bond is also likely to be the first of many fixed income securities to be issued on the DIFX."


Mr Nasser Al Shaali, Chief Operating Officer of the DIFX, added: "The establishment of a strong and liquid debt market will be a catalyst for the economic and financial development of the entire region, allowing companies and governments to raise capital efficiently. It is one of a wide range of attractive asset classes that the DIFX will offer investors."

The exchange has listed 10 other securities since it launched in September 2005.
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Related site: http://www.difx.ae

Notes and media contacts

About DIFX:
The DIFX aims to become the main exchange in its region for equities, bonds, Islamic products, funds, index products and derivatives. The target areas of the DIFX for seeking issuers include the whole of the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.

The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority.
Janeta Novakovic Posted by Janeta Novakovic, Assistant News Editor
Tuesday, January 17 - 2006 at 16:50 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

This article was updated on Mon Apr 09 2007.

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