Emirates NBD PJSC (Emirates NBD) has successfully issued Australian Dollar (“AUD”) 400 million Fixed Rate Notes, maturing in 2019, off their AUD 1,500 million Debt Issuance Programme. The notes are rated Baa1 by Moody’s and A+ by Fitch and pay a fixed rate coupon of 5.75%. ANZ, BNP Paribas, HSBC and Emirates NBD Capital were joint lead managers on the transaction.
Emirates NBD is pleased to issue again in the Australian Dollar market, having previously issued AUD 250 million in 2006, the first ever Middle East based institution to issue an Australian Dollar denominated transaction.
Emirates NBD held investor meetings in the first week of April in Sydney, Melbourne, Hong Kong and Singapore. Emirates NBD was represented at investor meetings by Shayne Nelson, Group CEO, Surya Subramanian, Group CFO and Patrick Clerkin, Head of Investor Relations and Managing Director-Group Funding who updated investors on the Group’s performance and credit story.
Following the release of Emirates NBD’s Q1 2014 financial results, it was announced on 29 April 2014 that Emirates NBD planned to sell at least AUD 200 million of 5-year notes. Following very strong demand, price guidance was tightened and the deal was upsized to AUD 400m. Investors reacted positively with a final order-book of AUD 515 million across 93 orders.
The issue saw diverse distribution by geography with 32% of orders coming from Singapore, 25% from Hong Kong, 24% from Australia, 10% from MENA and 9% from Europe.
Emirates NBD successfully achieved its issue objective of further diversifying its funding profile.