Emirates NBD Capital (EMCAP), the investment banking arm of Emirates NBD, one of the leading banking groups in the Menat (Middle East, North Africa, and Turkey) region, raises more than $50 billion with 76 successful debt issuances in 2021, a record number of landmark transactions across Debt and Equity Capital Markets and Loan Syndications.
The DCM team successfully priced 76 public and private debt issuances in 2021, raising more than $50 billion across regional and international markets, thanks to mega-sized bond and sukuk issuances. The team led issuances from 15 countries across Asia, the Middle East, Turkey, Africa, and Europe with notable issuances from the United Kingdom, China, Hong Kong, Saudi Arabia, Pakistan, Maldives, Russia, Kazakhstan, and India, in addition to its home market in the UAE.
EMCAP witnessed increased confidence from sovereign issuers as it led several landmark deals including the $4 billion debut bond for the UAE Federation, a GBP 500 million 5-year Sukuk for the United Kingdom, the debut sovereign Sukuk for the Republic of the Maldives of $200 million with two follow-on tap issuances of $100 million and $200 million, the largest ever sukuk issuance by the Republic of Turkey for $2.5 billion and largest ever USD bond offering for Government of Pakistan for $2.5 billion.
EMCAP led 18 sukuk issuances in 2021 which includes $6 billion sukuk for Saudi Aramco, showcasing the team’s continued leadership in the Islamic debt space as global sukuk issuances have been driven by low-interest rates and abundant liquidity available to Islamic investors. The DCM team also expanded its Environmental, Social, and Governance (ESG) practice arranging $5.5 billion across 12 issuances in 2021 including a landmark Additional Tier 1 Sustainable Bond for Axis Bank, Senior Unsecured Social Bond for Sovcombank, and Tier 2 Sustainable sukuk for Kuveyt Turk.
After a short hiatus on the GCC stock market, the investment bank’s ECM team has witnessed a noteworthy frenzy in the UAE and KSA equity market on the back of positive tailwinds and government push. The ECM team successfully participated in numerous IPOs and Rights Issues over 2021. Notably, the team priced and closed its first IPO on NOMU – the Saudi parallel Market, acting as Sole Financial Adviser and Lead Manager for Burgerrizr for a total equity value of SR412 million ($109 million). Further, it was appointed as the Joint-Bookrunner on two landmark IPOs – ACWA Power’s primary offering on Tadawul which raised more than $1.2 billion, and Adnoc Drilling’s secondary offering of 11 percent equity stake which raised an additional $1.1 billion.
EMCAP’s Loan Syndications team successfully closed transaction volume in excess of $45 billion fuelled by a record 40 syndicated loans in the primary market of which 13 loans were ESG-backed transactions with a transaction footprint spread across 11 countries. Loan Syndications achieved its best-ever performance for yet another consecutive year across the primary and secondary markets capturing key opportunities driven by a buoyant liquidity environment and successfully advising the Bank’s clientele on their strategic financings. These include $3 billion debut green and Islamic facilities for the Arab Republic of Egypt, $750 million debut receivables-backed conventional and term financing facilities for Emirates, Dh2.3 billion ($630 million) refinancing for the LEED-platinum certified ICD Brookfield Place tower, and a $600 million financing for the Pakistan Sovereign.
The team continues to be ranked highly on international league tables, ranked second on the MENAT Bookrunner League Tables for Loans and Syndications, and ranked first by volume in corporate finance on Bloomberg’s UAE league table for the Financial Year 2021.
Emirates NBD Capital was recognized by Asiamoney as ‘Best Corporate and Investment Bank’ in Dubai, ‘Sukuk Lead Manager’ for 2021 by Global Islamic Finance Awards (GIFA) committee, and won five Awards at EMEA Finance Middle East Banking Awards 2021 including: “Best Investment Bank – Middle East”, “Best Local Investment Bank – UAE” and “Best Debt House – UAE.”
Mohammed Al Bastaki, chief executive officer, Emirates NBD Capital, said 2021 was a record-breaking year for us, clearly demonstrating the strength of our diversified and holistic product offering.
EMCAP’s Loan Syndications team successfully closed transaction volume in excess of $45 billion fuelled by a record 40 syndicated loans in the primary market of which 13 loans were ESG-backed transactions with a transaction footprint spread across 11 countries. Loan Syndications achieved its best-ever performance for yet another consecutive year across the primary and secondary markets capturing key opportunities driven by a buoyant liquidity environment and successfully advising the Bank’s clientele on their strategic financings. These include $3 billion debut green and Islamic facilities for the Arab Republic of Egypt, $750 million debut receivables-backed conventional and term financing facilities for Emirates, Dh2.3 billion ($630 million) refinancing for the LEED-platinum certified ICD Brookfield Place tower, and a $600 million financing for the Pakistan Sovereign.
The team continues to be ranked highly on international league tables, ranked second on the MENAT Bookrunner League Tables for Loans and Syndications, and ranked first by volume in corporate finance on Bloomberg’s UAE league table for the Financial Year 2021.
Emirates NBD Capital was recognized by Asiamoney as ‘Best Corporate and Investment Bank’ in Dubai, ‘Sukuk Lead Manager’ for 2021 by Global Islamic Finance Awards (GIFA) committee, and won five Awards at EMEA Finance Middle East Banking Awards 2021 including: “Best Investment Bank – Middle East”, “Best Local Investment Bank – UAE” and “Best Debt House – UAE.”
Thus, Mohammed Al Bastaki, the CEO of Emirates NBD Capital, commented that 2021 has been a record-breaking year that demonstrated the bank’s financial strength as well as the diversification of its product offering.