Dubai: Emirates NBD Capital Limited, the investment banking arm of Emirates NBD has successfully closed Islamic Development Bank (IsDB)’s first ever USD Sustainability Sukuk.
The bank acted as Joint Lead Manager and Bookrunner for the landmark transaction by IsDB, rated Aaa/AAA/AAA by Moody’s/S&P/Fitch (each with stable outlook)
The USD 1.5 billion, five-year Sukuk is testament to IsDB’s long-standing commitment to prioritizing the UN Sustainable Development Goals (SDGs) in accordance with the specific development needs of its 57 Member Countries (MCs). As demonstration of this commitment, IsDB became the first AAA-rated institution (as well as first Middle East based SSA) to issue a Green Sukuk in November 2019.
The proceeds of the Sustainability Sukuk issuance will be allocated in line with IsDB’s Sustainable Finance Framework (under the Social Projects Category), to assist IsDB Member Countries in tackling the aftermath of the COVID-19 pandemic as part of IsDB’s USD 2.3 billion aid package for its member states, in response to the ongoing global pandemic. The aid package, titled ‘Respond, Restore, Restart’ will support recipient countries as they address the impact of COVID-19 pandemic on both healthcare systems and the economic impact on SMEs.
Fahad Abdulqader Al Qassim, CEO of Emirates NBD Capital, commented: “Emirates NBD Capital has a long-standing relationship with IsDB and we are pleased to support this landmark Sustainability Sukuk that will support the recovery, growth and future development of communities across the world as they manage the impact of the ongoing COVID-19 pandemic. The transaction also demonstrates Emirates NBD’s growing capabilities in ESG related financing, an area which will only grow in importance and relevance as businesses across the globe seek to maintain their resilience during these challenging times and thrive in the future.”
The Sukuk was priced at a spread of 55bps over five-year USD Mid-Swaps for a final coupon of 0.908% per annum representing the lowest ever coupon for an IsDB Sukuk and was well subscribed by global investors with 37% allocated to Asia, 8% to Europe, 53% to the Middle East and 2% to Others.
-Ends-
About Emirates NBD Capital Ltd:
Emirates NBD Capital Ltd is a leading regional investment bank offering customised advisory and capital financing solutions. The investment bank is a DFSA regulated entity based in the Dubai International Financial Centre. For more information, please visit: www.emiratesnbd.com
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113
e-mail: ibrahims@emiratesnbd.com
Tricia Kaul
asda’a bcw; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: Tricia.Kaul@bcw-global.com
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
