31 Oct, 2006National Bank of Dubai lists its second bond on DIFX, gaining high visibility

National Bank of Dubai (NBD) has today listed $500 million of Floating Rate Notes on the Dubai International Financial Exchange (DIFX), in its second listing on the region's international stock market.

The Subordinated Step Up Floating Rates Notes due in 2016 have been issued under the bank's Euro Medium Term Notes (EMTN) programme, which was increased from $1 billion to $3 billion in June 2006.

Per E. Larsson, Chief Executive of the DIFX, said "We are delighted to once again welcome NBD, one of the largest banks in the UAE, to the exchange. The DIFX has developed into a centre for conventional bonds, such as this NBD listing, as well as for Sukuk (Islamic-compliant bonds)."

In January 2006 NBD became the first company to issue a bond on the DIFX, and the first issuer in any asset class on the exchange from the United Arab Emirates (UAE), when it listed $750 million of Floating Rate Notes under its EMTN programme.

R. Douglas Dowie, Chief Executive Officer of NBD said: "The stature of the DIFX as an international exchange brings high visibility to our business as we prepare for further expansion. In little more than a year since it opened in September 2005, the DIFX has established itself as the international exchange serving the region."

The Notes in NBD's latest listing are dual listed on the London Stock Exchange and the DIFX.

Nasser Alshaali, Chief Operating Officer of the DIFX, said: "This brings the total number of listings on the DIFX to 21. We are preparing for further bond issues as well as listings in a variety of other asset classes."