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Commercial Bank of Dubai set to raise $500 million with debut green bonds

Middle East

08-06-2023 | 06:28

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Commercial Bank of Dubai set to raise $500 million with debut green bonds

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Commercial Bank of Dubai (CBD.DU) is set to raise $500 million through a debut sale of green bonds, its first foray into the international debt markets since 2020 that got $1.4 billion in orders, a bank document showed on Wednesday.

The five-year bonds will be used to finance projects eligible under CBD's Sustainable Financing Framework issued in March, which could include green buildings, renewable energy, clean transportation access to education or pollution prevention and control.

UAE authorities have been encouraging issuers to raise green debt in the run up to Dubai hosting the COP28 climate conference starting Nov. 30. On Tuesday, the Securities and Commodities Authority (SCA) said companies would be exempt from listing fees on the local market this year for green or sustainability-linked bonds or sukuk.

Last month, First Abu Dhabi Bank, the country's biggest lender, raised $600 million in green bonds, a unit of Abu Dhabi's largest developer Al Dar issued $500 million in green sukuk and private Emirati retail conglomerate Majid Al Futtaim sold $500 million in green sukuk.

The spread on CBD's bonds was set at 140 basis points (bps) over U.S. Treasuries, tightened from initial guidance of 175 bps, a document from one of the arranging banks showed.

HSBC and Standard Chartered are joint global coordinators on the debt sale, joined by Citi, Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan and Natixis as lead managers and bookrunners. Natixis is sole ESG coordinator.

The bonds are expected to price later on Wednesday.

CBD last issued public bonds in October 2020, raising $600 million with Additional Tier 1 paper, which are designed to be perpetual but can be called after a specified period.

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