Dubai-based Emirates NBD has successfully raised a $410 million (Dh1,506m) equivalent five-year multi currency loan structured around its portfolio of diverse syndicated loans to regional corporates, at an extremely competitive margin of 1.75 per cent per annum over applicable reference rates plus structuring fee, the bank has said in a statement.
Emirates NBD claims to have set a new pricing benchmark for UAE-based borrowers with the “extremely competitive pricing”.
“Moreover, the extremely competitive pricing achieved on this transaction sets a new benchmark for the UAE borrowers seeking to tap the markets in current market conditions,” Rick Pudner, the bank’s CEO, said.
“Having successfully tapped the securitisation market earlier this year and now having successfully structured this transaction, Emirates NBD continues to take lead in exploring new and innovative avenues for fund raising, seeking to address the systemic shortage of stable long-term funding in the UAE financial system by pushing out tenors at competitive pricing,” he added.
“The UAE economy, particularly its financial sector, remains robust and well equipped to cope with challenges and capitalise on available opportunities. This successful transaction is a testament of the market’s confidence in Emirates NBD as a premier financial institution in the Middle East, with an established track record, solid fundamentals and excellent future prospects,” Pudner said.