Dubai: Best Corporate and Investment Bank 2020
Emirates NBD Capital
Emirates NBD Capital is a deal machine in Dubai and beyond. Among the standout transactions over the awards period were a Dh2 billion ($545 million) capital-raising for Dubai Asset Management, completed in July 2019, and the $500 million refinancing of a debut sukuk into a term loan by Dubai Aviation Corporation, better known as the budget airline flydubai.
It acted as joint lead manager on mall developer Majid Al Futtaim’s $600 million green corporate sukuk, the first of its kind to be completed in the region. And it was joint lead arranger on Emirates Strategic Investment Corp’s five-year, $600 million sukuk, a deal that was six times subscribed, generating $3.7 billion in orders, including $240 million from foreign institutional investors.
The investment house helped its parent group to complete a Dh6.45 billion rights issue, 2.8 times oversubscribed in November 2019, and was a seller on the £304 million ($401 million) London initial public offering of UAE payments company Network International in November 2019.
It was also on hand when a consortium led by buyout firm CVC Capital Partners acquired a 30% stake in Dubai-based GEMS education in July 2019. Emirates NBD advised the selling consortium, which included Blackstone Group and Fajr Capital.
Emirates NBD Capital continued to help clients as they sought to raise capital during the tough early months of 2020. It was a mandated lead arranger and bookrunner on Dubai Multi Commodities Centre’s Dh500 million term loan facility, completed in January 2020, and it was there in March 2020, when Oman’s Bank Muscat signed a $650 million loan from international lenders.
That loan stands out for two reasons. First, it was increased from $500 million after being oversubscribed. Second, it was announced as Moody’s downgraded the bank and the Omani sovereign. Another standout deal was a $400 million five-year facility by Mumbai-based Adani Electricity in April 2019, just as India went into lockdown.