{"id":106833,"date":"2025-08-25T00:00:00","date_gmt":"2025-08-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/emirates-nbd-returns-to-the-dim-sum-market-with-a-cny-1-bn-issuance\/"},"modified":"2025-08-25T00:00:00","modified_gmt":"2025-08-25T00:00:00","slug":"emirates-nbd-returns-to-the-dim-sum-market-with-a-cny-1-bn-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/08\/25\/emirates-nbd-returns-to-the-dim-sum-market-with-a-cny-1-bn-issuance\/","title":{"rendered":"Emirates NBD returns to the Dim Sum market with a CNY 1 bn issuance"},"content":{"rendered":"

ENBD<\/strong> prints first Dim Sum in over a decade:<\/strong> Emirates NBD returned to the offshore Chinese bond market with a CNY 1 bn (USD 139.2 mn) three-year Dim Sum issuance, marking its first CNY debt sale since 2012, IFR<\/a> quotes sources as saying. The issuance was rated A1 by Moody\u2019s and A+ by Fitch in line with the bank\u2019s ratings. <\/p>\n

SOUND SMART- <\/strong>Dim Sum bonds are CNY-denominated debt issued offshore, typically in Hong Kong, giving foreign issuers access to Chinese investors without having to enter the mainland market. Panda bonds, by contrast, are CNY-denominated bonds sold onshore in China by non-Chinese issuers. They are subject to domestic regulatory approvals and offer direct access to mainland liquidity.<\/span><\/p>\n

The details: <\/strong>The senior Reg S-compliant notes, which were tightened to a yield of 2.4% versus initial guidance of 2.8%, were more than 3x oversubscribed, drawing CNY 3.1 bn in orders \u2014 largely from Asian investors. While the pricing arbitrage was slim at around 5-7 bps, bankers said the main objective was to diversify ENBD\u2019s investor base and grow its liquidity pool.<\/p>\n

The issuance is a good indicator for future potential Dim Sum issuances from issuers in <\/strong>the region in the coming months<\/strong>, the sources said, with one source close to the transaction saying it was mostly \u201csymbolic\u201d to get attention from the market. This comes as more issuers from the Middle East are looking eastward amid increased appetite in Asia, and amid a wider trend towards Dim Sum issuances this year. <\/p>\n

The market is on track for a record year<\/strong> as low interest rates in China and a shift away from USD assets triggers the rebound, the Financial Times<\/a> reports.<\/p>\n

ADVISORS- <\/strong>Bank of China, Emirates NBD Capital, ICBC, and Standard Chartered quarterbacked the transaction as joint lead managers and bookrunners. <\/p>\n

Background: <\/strong>Emirates NBD has been actively tapping global debt markets this year. In January, the lender sold USD<\/a>700 mn<\/a> in five-year senior Formosa unsecured notes listed on the Taipei Exchange, while in June it tested appetite for a 10-year AUD kangaroo bond<\/a> under its AUD 4 bn program.<\/p>\n","protected":false},"excerpt":{"rendered":"

The offering was 3x oversubscribed<\/p>\n","protected":false},"author":1,"featured_media":106834,"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":[159,1391,68,260,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-106833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-banking","tag-debt","tag-debt-watch","tag-emirates-nbd","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"d3eddb32-a3b0-4f4d-bc8a-f7f9b9b6502d","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/8\/1459.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Emirates NBD returns to the Dim Sum market with a CNY 1 bn issuance","related_issue":[106826],"teaser":"The offering was 3x oversubscribed","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/8\/.4331a117-6ff6-44f3-9490-8ee3e7215fc6.mp3"},"yoast_head":"\nEmirates NBD returns to the Dim Sum market with a CNY 1 bn issuance - 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