It is worth $ 600 million for a period of 6 years

"Trade Dubai" celebrates the listing of its first bond issue on "Nasdaq Dubai"

The CEO of the bank knocks the opening bell of the stock exchange.

■ from the source

The CEO of Commercial Bank of Dubai, Dr. Bernd Van Linder, rang the opening bell of "Nasdaq Dubai" yesterday, to celebrate the listing of traditional bonds worth $ 600 million. The bank stated in a statement yesterday that these bonds were issued for a period of six years, with an interest rate of 6 While the subscription limit reached 2.1 times, pointing out that 61% has been allocated to investors from the Middle East region, 24% to Europe, and 13% to Asia. The statement confirmed that this is the first bond issuance that Commercial Bank of Dubai lists on Nasdaq Dubai. The bonds were listed on the Stock Exchange on October 21, 2020.

Linder said that the diversified turnout for the issue reflects investor confidence in the strategy and management of Commercial Bank of Dubai, and in the strength of the UAE's economy, pointing out that it will help the bank to increase and continue its support for local companies.

For his part, Chief Financial Officer of Commercial Bank of Dubai, Darren Clark, said: “The final price of the bonds exceeded our expectations, as it is by far the lowest coupon paid by a bank issuer from Dubai for additional Tier 1 capital bonds, in compliance with the terms of the Basel III agreement. Investors in exporters from the UAE, and strengthens the bank’s capital position, and strengthens its relationship with capital markets.

In addition, the Chairman of the Board of Directors of "Nasdaq Dubai", Abdul Wahid Al Fahim, said that this inaugural listing of Commercial Bank of Dubai in "Nasdaq Dubai" confirms the growing role of the Stock Exchange in supporting capital increase initiatives by the leading authorities in Dubai and the UAE in general. Expanding its activities in the interest of the country's economy and promoting its prosperity.

In the same context, the CEO of Nasdaq Dubai and the Executive Vice President of the Dubai Financial Market, Hamed Ali, said that the listing of the bonds on Nasdaq Dubai highlights the extent of development and depth of Dubai's capital market infrastructure, and its ability to meet the increasing requirements of its participants.

It is noteworthy that Dubai is the largest center for listing dollar-denominated bonds and sukuk in the Middle East, with a total value of $ 87.4 billion, 52% by Emirati issuers and 48% by foreign exporters.

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