Strong investor appetite for Emirates Development Bank's bond | ZAWYA MENA Edition:
Emirates Development Bank (EDB) on Saturday announced that it raised $750 million (Dh2.75 billion) through five-year bonds at 3.516 per cent coupon rate and was strongly oversubscribed.
The UAE government-owned lender, which has been rated AA- by Fitch, is the first federal entity in the UAE to tap capital markets after the introduction of new debt law issued last year.
The bond was issued under the bank's $3 billion Euro Medium Term Note programme to provide the bank accessibility to capital markets and further strengthen its funding profile.
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