Home World Asia-pacific ENBD Issues First CNY Bond The 750 million renminbi bond, which matures in 2015, was 5.7 times oversubscribed, the bank said. by Aarti Nagraj March 7, 2012 Emirates NBD (ENBD) has completed its inaugural issuance of offshore 750 million renminbi bond maturing in 2015, the bank said in a statement on Wednesday. ENBD Capital, HSBC Bank and Standard Chartered Bank were joint lead managers and bookrunners on the transaction. The notes, which pay a fixed rate coupon of 4.875 per cent, are part of ENBD’s $7,500 million Medium Term Note Programme. The bank initially announced investor meetings on the 22nd of February with a two day roadshow covering Hong Kong and Singapore. The transaction was finally announced on March 5, and saw the notes being oversubscribed 5.7 times. “Accounts reacted positively with a final orderbook of CNY 4.3 bilion across 98 orders, allowing Emirates NBD to close the books and price on the same afternoon at the tight end of the guidance,” it said in the statement. In terms of investors, private banks allocated 43 per cent of the issue, fund managers and insurance 38 per cent, banks eight per cent, hedge funds five per cent and the balance was allocated to other types of investors. In terms of location, Hong Kong and China accounted for 57 per cent, Singapore for 30 per cent, Taiwan for five per cent, Europe for seven per cent and the Middle East for one per cent of the issue. “Emirates NBD successfully achieved its issue objectives of opening a new market and diversifying further its funding profile,” the bank said. This is the second issue by the ENBD Group this year, following the Emirates Islamic Bank’s dollar benchmark Sukuk in January. It is also the first renminbi bond by a Middle Eastern issuer. Tags Breaking News World 0 Comments Share Tweet Share Share You might also like Global downturn risks becoming prolonged recession – WEF How should regional businesses effectively navigate their workforce through the Covid-19 pandemic Warmest oceans on record add to hurricanes, wildfires risks Is coronavirus the newest threat to cybersecurity in the GCC?