“The macroeconomic backdrop in Dubai has significantly strengthened since Emirates NBD’s last deal, driven by a stable economy and a deeper deposit base from long-term residents following the 10-year visas started in the pandemic. Dubai’s visa reforms have encouraged long-term residents to leave their capital in the UAE, fundamentally enhancing the credit profile and making Emirates NBD’s bonds even more appealing.”

OLIVER HOLT HEAD OF ORIGINATION AND DEBT SYNDICATE NOMURA

“Historically, Emirates NBD preferred issuing into clear market conditions without competing supply, but this time it proceeded despite multiple deals in the market. Investors appreciated having more options available, especially in the single-A bucket and traditional bank senior format – which is scarce in this duration.”

“The deal came on the busiest supply day in the Australian dollar market for the past six months, alongside deals from historically niche regions such as Korea and the Middle East and with growth in number of accounts from all jurisdictions and types. The substantial investor participation highlights growing market comfort with noncore issuers.”

“Emirates NBD has made a clear commitment to being a regular issuer in Australian dollars. The bank viewed this as a good time to re-engage, extend the curve and maintain access to its credit for local investors. The deal attracted strong support despite pricing alongside three others that day. It’s rare to see four credit deals executed simultaneously, and the fact they all cleared well reflects the strength of the market.”

DANIEL LEONG EXECUTIVE DIRECTOR, DEBT SYNDICATE MIZUHO SECURITIES