- Led 24 transactions in Q1 2021
- Increasing presence in ESG with five further ESG issuances
- Raised over USD 18 billion across 12 geographies in USD, EUR & GBP for our sovereign, financial institutions and corporate clients
- Led on issuances rated between AA to CCC+ and unrated issuances across the capital spectrum (senior secured, senior unsecured and subordinated capital)
- Led landmark issuances for new to bank clients including the second Sukuk for Her Majesty’s Treasury (UK Government), Eurasian Development Bank (Kazakhstan), Republic of Maldives and Delhi International Airport Limited (India)
Dubai, UAE: Emirates NBD Capital, the investment banking arm of Emirates NBD, one of the leading banking groups in the MENAT (Middle East, North Africa and Turkey) region, has recorded its strongest ever quarter in the debt capital markets.
Building on a record year in 2020, Emirates NBD Capital’s debt capital markets (DCM) team successfully led 24 transactions in Q1 2021 raising in excess of USD 18 billion for its sovereign, financial institutions and corporate clients.
Emirates NBD Capital also continued to grow its Environmental, Social and Governance (ESG) practice, leading a further five ESG issuances in Q1 including the first ESG issuance in Russia in 2021 – a USD 300 million ESG bond for Sovcombank, the third largest privately-owned bank in Russia by total assets. Emirates NBD Capital also led on the debut USD 450 million green bond from Delhi International Airport Limited and a USD 561 million green bond for Continuum Energy Levanter Pte Ltd.
Demonstrating the breadth of coverage the investment bank has built over the years, the transactions came from 12 geographies including members of the Gulf Cooperation Council (GCC), China, Hong Kong, India, Kazakhstan, Maldives, Pakistan, Russia, and the UK. The team led transactions in USD, EUR and GBP across a wide range of ratings (from AA to CCC+ and unrated issuances) and across the full capital spectrum (senior secured, senior unsecured, Tier 1 and Tier 2 capital).
Emirates NBD Capital led on several landmark transactions including the Islamic Republic of Pakistan’s USD 2.5 billion bond, the largest ever USD bond offering from Pakistan and its largest 30-year offering and first ever triple-tranche offering; a USD 1.75 billion bond for Galaxy Pipeline Assets Bidco Limited; and the Credit Bank of Moscow’s EUR 600 million bond – the largest ever private sector EUR-denominated bond offering from Russia and first transaction from Russia and the CIS region in 2021.
Notably, the investment bank also led on several landmark Sukuk transactions including a GBP 500 million Sukuk for The Lords Commissioners of Her Majesty’s Treasury – UK Government, the largest ever Sukuk offering from a Western government issuer; and a USD 200 million Sukuk for the Government of the Republic of Maldives, which achieved true diversity with c.50% allocation to the Middle East investor base (a significant portion of which went to Islamic funds).
Ahmed Qassim, Senior Executive Vice President and Group Head, Corporate and Institutional Banking, Emirates NBD, said: “Emirates NBD Capital continues to demonstrate a stellar performance in delivering landmark issuances in 2021 despite ongoing market uncertainties, reinforcing our leadership in providing tailored financing solutions for our clients. Our record first quarter sets a strong marker for 2021 with a substantial pipeline and momentum for further issuances in conventional bonds, Sukuk and ESG offerings yet to come.”
Hitesh Asarpota, Managing Director, Head of Loan Syndications and Debt Capital Markets, Emirates NBD Capital, added: “We have maintained the momentum of 2020 into the new year and delivered a very strong performance in Q1 by continuing to deliver best-in-class capital market solutions to our clients. Our unique value proposition has helped to not only broaden our geographical reach but also gain a reputation of delivering best-in-class advisory and investor diversification to our clients. We are particularly pleased to see the growth in ESG issuances which we feel will be an integral part of financing in the emerging markets.”
With expertise in the origination and structuring of debt products, both conventional and Islamic, Emirates NBD Capital ranked third in Bloomberg’s International Sukuk league table (by number of deals) in 2020 and among the top seven in Bloomberg’s CEEMEA USD bonds in 2020. Emirates NBD Capital’s contribution to excellence in Sukuk was also recognised by the prominent Global Islamic Finance Awards (GIFA) committee with the investment bank named Sukuk Lead Manager of the Year 2020.
About Emirates NBD Capital:
Emirates NBD Capital is a leading regional investment bank offering customized advisory and capital financing solutions. The investment bank is a subsidiary of Emirates NBD Group, a leading banking group in the Middle East, North Africa and Turkey (MENAT) region. Emirates Capital is a DFSA regulated entity based in the Dubai International Financial Centre.
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading Banking Group in the MENAT region. As at 31st March 2021, total assets were AED 695 Billion, (equivalent to approx. USD 187 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Group expanding its presence to 13 countries, servicing over 14 million customers. The Group is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands.
The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Group announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named ‘UAE’s Best Bank’ in 2020 for a fifth consecutive year by Euromoney. In addition, Emirates NBD received the ‘Excellence in Leadership in the Middle East’ award, introduced in 2020 in light of the Covid-19 impact, as a recognition of its efforts in responding to the Covid-19 crisis. The Bank is ranked 87th in The Banker’s list of the World’s Top 1,000 Banks. Emirates NBD was named ‘Bank of the Year – UAE 2020’ for the sixth year and ‘Bank of the Year – Middle East 2020’ for the third time by The Banker. In addition, Emirates NBD has been assessed as the ‘Strongest Bank in the UAE’ and ‘Fifth Strongest Bank in the Middle East’ by The Asian Banker 500 Largest and Strongest Banks Rankings.
The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 907 branches and 4,032 ATMs / SDMs. The Group has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.
Emirates NBD is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. The Group is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.