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 recognized by the prominent Global Islamic Finance Awards (GIFA) committee with the investment bank named Sukuk Lead Manager of the Year 2020.