{"id":104470,"date":"2025-06-11T00:00:00","date_gmt":"2025-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/emirates-nbd-taps-banks-for-kangaroo-bond-issuance\/"},"modified":"2025-06-11T00:00:00","modified_gmt":"2025-06-11T00:00:00","slug":"emirates-nbd-taps-banks-for-kangaroo-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/06\/11\/emirates-nbd-taps-banks-for-kangaroo-bond-issuance\/","title":{"rendered":"Emirates NBD taps banks for kangaroo bond issuance"},"content":{"rendered":"

Emirat<\/strong>es NBD sounds out market for kangaroo bond sale:<\/strong> DFM-listed lender Emirates NBD tapped banks for its potential issuance of a 10-year AUD fixed kangaroo bond as part of its AUD 4 bn Kangaroo Debt Issuance Program, Zawya<\/a> reports. The benchmark-sized offering is due to be priced today, with initial price thoughts set at 195 bps over asset swaps.<\/p>\n

About the bond:<\/strong> The senior unsecured notes will carry a coupon of 6% with a yield of 6.05%, indicating that the issuance will be priced at a markdown. The issuance is assigned an expected rating of A1 by Moody\u2019s and A+ by Fitch, in line with the lender\u2019s rating. <\/p>\n

ADVISORS-<\/strong> Emirates NBD Capital, Mizuho and Nomura were appointed joint lead managers and bookrunners on the transaction. <\/p>\n

REMEMBER-<\/strong> The bank raised AUD 450 mn from another 10-year kangaroo bond issuance in<\/a>2023<\/a> as part of the debt program. <\/p>\n

\n

IN OTHER DEBT NEWS-<\/p>\n

Agility funds gro<\/strong>wth with credit facility:<\/strong> ADX-listed logistics firm Agility Global secured a USD 500 mn (c. KWD 153 mn) credit facility from an unnamed regional bank to fund existing operations and future growth ambitions, according to a disclosure (pdf)<\/a> to the Abu Dhabi Stock Exchange (ADX). The facility has a three-year tenor with certain extension options.<\/p>\n

The financials: <\/strong>The firm saw its net income for equity holders dip 30% y-o-y to USD<\/a>21<\/a>.4 mn<\/a> in 1Q 2025. The decline was due to higher depreciation from new operating leases and increased interest expenses after its May ADX listing<\/a>, management said at the time. Revenue grew by around 17% y-o-y to USD 1.1 bn during the same period.<\/p>\n

Other debt moves:<\/strong> Agility refinanced<\/a> a segment of its existing credit facilities earlier this year, raising an additional USD 47 mn to bring the total borrowed value to USD 280 mn. The refinancing was part of its ongoing refinancing program that began in 2022, when it agreed with regional and international banks to refinance and raise its credit facilities to USD 3.2 bn (KWD 980 mn at the time).<\/p>\n

\n

\n

Sharjah Islamic Bank (SIB) listed its <\/strong>USD 500 mn Additional Tier 1 (AT1) sukuk<\/a><\/strong> on Nasdaq <\/strong>Dubai yesterday<\/strong>, according to a statement<\/a>. The sukuk is perpetual (with no set maturity date) and can't be called back for six years. With this new listing, SIB now has USD 2.5 bn in sukuk listed on Nasdaq Dubai across five issuances.<\/p>\n

ADVISORS-<\/strong> The bank tapped our friends at Mashreq and HSBC along with Arqaam, Dubai Islamic Bank, Emirates NBD Capital, FAB, Kamco Invest, and Standard Chartered as joint lead managers and bookrunners on the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

Initial price thoughts were set at 195 bps over asset swaps<\/p>\n","protected":false},"author":1,"featured_media":104471,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[813,1194,1388,1391,68,260,7,242,674],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-104470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-agility","tag-agility-global","tag-bonds","tag-debt","tag-debt-watch","tag-emirates-nbd","tag-enterpriseam-uae","tag-nasdaq-dubai","tag-sharjah-islamic-bank","wpautop","entry"],"acf":{"mongo_id":"c11ee40a-979a-4b2b-ba41-83ed5417432f","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/1838.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Emirates NBD taps banks for kangaroo bond issuance","related_issue":[104456],"teaser":"Initial price thoughts were set at 195 bps over asset swaps","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/6\/.d576350b-f7bc-45b0-9670-6f6d6bc146a5.mp3"},"yoast_head":"\nEmirates NBD taps banks for kangaroo bond issuance - 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