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ADX lists global medium-term bond program


The Abu Dhabi Securities Exchange (ADX) has listed the global medium-term bond program issued by the Emirate of Abu Dhabi with a value of two billion dollars, starting from July 5.

ADX issued a circular yesterday saying the bonds were listed in one category in accordance with the specific pricing provisions attached to the listing circular.

The inclusion of the program is based on the decision of the Board of Directors of the Securities and Commodities Authority for the year 2014 regarding the bond system and listing securities on ADX instructions.


On the other hand, Emirates Development Bank listed bonds worth $750 million on Nasdaq Dubai.

Ahmed Al Naqbi, CEO of the Emirates Development Bank, wholly owned by the government, which is dedicated to enabling the country’s economic diversification and industrial transformation agenda, rang the opening bell of trading on the Nasdaq Dubai exchange yesterday to celebrate the listing.

“The successful second issuance of our $750m bond issue, which was oversubscribed four times, reflects the global and local investor confidence in our strategy to support UAE’s economic diversification plans,” said Al Naqbi.

“The program will be fundamental to support individuals, SMEs, and corporates across priority industrial sectors in the UAE to build a knowledge-based economy,” he added.

The issuance, which matures after five years, was very popular with investors. About 34% of the investors were from the Middle east, 36% from Europe, 28% from the Asian market and 2% from the US offshore market.

Nasdaq Dubai

For his part, Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM said: “We are pleased with the accelerating pace of issuances and listings on Nasdaq Dubai”.

“These transactions, including the new bond listing from EDB, clearly indicates their deep confidence in the robust listing framework of Nasdaq Dubai inline with the requirements of prominent corporations and investors,” he said.

Media sources said that a document showed yesterday that the Emirate of Sharjah reduced the initial indicative price between 3.25% and 3.375% for ten-year sukuk denominated in dollars, after it received requests of more than $2.75 billion.

The indicative price of the sukuk also decreased from an initial indicative price of about 3.5%, according to a document issued by one of the banks participating in the deal.

HSBC is coordinating the version that was expected to be launched yesterday.

Abu Dhabi Islamic Bank, Dubai Islamic Bank, Sharjah Islamic Bank, Standard Chartered, and the Islamic Corporation for the Development of the Private Sector will participate in the deal.


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