The Capital Bank of Jordan rang the bell for the opening of Nasdaq Dubai’s market following the successful listing of a USD100 million AT1 bond.
The bond is the first issuance of its kind for a Jordanian bank on the region’s international financial exchange.
Dubai was chosen for the listing due to its role as the largest listing venue in the Middle East for USD-denominated debt listings.
To commemorate the listing, the bank’s Head of Private Banking and Wealth Management, Rima Shaban, rang the Nasdaq Dubai market opening bell in the presence of Capital Bank Group’s CEO and other management team executives.
Capital Bank Group Chairman, Bassem Khalil Al-Salem, said “We are proud of our successful listing at Nasdaq Dubai, which we consider a unique global trading platform operating within a high-quality and well-regulated environment.”
“This will further extend Capital Bank’s reach and allow our teams to further strengthen the bank’s relationship with investors in the United Arab Emirates as well as the entire Gulf Region.”– Capital Bank Group Chairman, Bassem Khalil Al-Salem
Salem continued to express gratitude to investors who believed in the listing and demonstrated strong confidence in Capital Bank’s strategy, as well as its ability to achieve and sustain growth.
“Nasdaq Dubai attracted its highest ever number and value of new bond listings in 2021. We are delighted to see leading regional and global institutions, including Capital Bank, leveraging Nasdaq Dubai’s world-class ecosystem to achieve their fund-raising plans and strengthen their links with investors. We are committed to continuously developing our market in line with the evolving requirements of participants and to reinforce Nasdaq Dubai’s active role in realizing the strategic objectives of Dubai as a capital markets hub.”– Chairman of Nasdaq Dubai, Abdul Wahed Al Fahim
CEO of Capital Bank, Dawod Al-Ghoul, explained that the bank plans to use the proceeds to support the capital base of Capital Bank Group.
“This will serve to propel the Group’s expansion plans, particularly following the opening of the first branch of the National Bank of Iraq in Saudi Arabia. It also flows in direct harmony with our ongoing and far-reaching digital transformation plans, epitomized by the recent introduction of Blink, our flagship digital banking platform that just launched in Jordan and will soon debut in Iraq.”– CEO of Capital Bank, Dawod Al-Ghoul
This issuance, which came within the requirements of Basel Three, was conceived with the objective of cultivating a diverse base of investors from the region, making Nasdaq Dubai the ideal platform given its broad regional and global appeal, Ghoul added.
“We are pleased to welcome the bond listing by Capital Bank of Jordan as a first step of its kind from a pioneering establishment. This indicates the close ties between the capital markets of UAE and Jordan, creating a template for other Jordanian and regional institutions to utilize the expertise and infrastructure Dubai offers. A number of leading corporate and sovereign debt issuers have chosen to list on Nasdaq Dubai, which shows their confidence in the market.”– CEO of Nasdaq Dubai and Dubai Financial Market (DFM), Hamed Ali
Capital Investments was the sole manager of this bond issuance, with legal counsel offered by Simmons & Simmons to the issuer and Akin Gump Strauss Hauer & Feld to the manager, in cooperation with Jordanian legal consulting firm Obeidat, Tarawneh and Kurd.
Last year, Nasdaq Dubai witnessed a healthy stream of issuances and listings including 30 listings of Sukuk and bonds totaling USD23.1 billion. In addition to a record-breaking 14 bond issuances valued at USD11.2 billion up 141 percent compared to the year before.
Source: Petra News