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MarketScreener Homepage  >  Equities  >  Dubai Financial Market  >  Emirates NBD Bank    EMIRATESNBD   AEE000801010


End-of-day quote. End-of-day quote Dubai Financial Market - 11/30
10.95 AED   +5.80%
11/04MIDEAST STOCKS-Major Gulf markets rise in early trade
10/19Dubai wealth fund readies bonds, COVID-19 may hit revenue
10/15EMIRATES NBD BANK : quaterly earnings release
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Dubai wealth fund readies bonds, COVID-19 may hit revenue

10/19/2020 | 01:37am EST

DUBAI, Oct 19 (Reuters) - Investment Corporation of Dubai (ICD), the Dubai government's main investment arm, is planning an issue of U.S. dollar-denominated bonds amid expectations of lower revenues from its assets due to the coronavirus crisis.

It has hired banks including Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan and Standard Chartered, to arrange investor calls ahead of the issuance, a document from one the banks showed on Monday.

ICD, which as of the end of last year had total assets worth around $305 billion, owns stakes in Emirates airline and Dubai's biggest bank, Emirates NBD.

The planned fixed rate, long five-year senior unsecured conventional bonds are part of a $2.5 billion bond issuance programme, according to the document.

The deal would follow a $2 billion bond sale by the government of Dubai last month, its first in public debt markets in six years, as the emirate replenished state coffers amid the coronavirus crisis.

"Although a decrease in revenues of ICD's portfolio companies is expected, the duration, impact and severity of such decrease or the rapid spread of the outbreak ... on the Group's results cannot be predicted," a bond prospectus seen by Reuters said.

"ICD is unable to quantify in any meaningful way the likely scale of the impacts since the duration of the outbreak is currently unknown but such impact could be significant, particularly in the short term," it said.

Emirates has cut thousands of jobs this year amid a cash crunch caused by the pandemic, sources have said.

The government of Dubai provided 7.3 billion dirhams ($1.99 billion) to the airline it owns after Dubai's crown prince in March promised equity to Emirates to see it through the crisis. ($1 = 3.6728 UAE dirham) (Reporting by Davide Barbuscia and Yousef Saba; Editing by Muralikumar Anantharaman and Andrew Cawthorne)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EMIRATES NBD BANK 5.80% 10.95 End-of-day quote.-15.77%
EURO / DIRHAM (EUR/AED) -0.19% 4.4514 Delayed Quote.8.33%
HSBC HOLDINGS PLC 0.31% 422.65 Delayed Quote.-28.59%
JPMORGAN CHASE & CO. 0.91% 122.34 Delayed Quote.-13.03%
STANDARD CHARTERED PLC 1.20% 489.9 Delayed Quote.-31.23%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6728 Delayed Quote.0.00%
All news about EMIRATES NBD BANK
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Sales 2020 23 811 M 6 483 M 6 483 M
Net income 2020 6 592 M 1 795 M 1 795 M
Net Debt 2020 - - -
P/E ratio 2020 10,9x
Yield 2020 2,52%
Capitalization 69 166 M 18 830 M 18 832 M
Capi. / Sales 2020 2,90x
Capi. / Sales 2021 2,90x
Nbr of Employees 0
Free-Float 38,9%
Duration : Period :
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Technical analysis trends EMIRATES NBD BANK
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 11
Average target price 11,98 AED
Last Close Price 10,95 AED
Spread / Highest target 44,3%
Spread / Average Target 9,36%
Spread / Lowest Target -2,74%
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