Today's Edition
DUBAI (ALETIHAD)
Emirates NBD has completed its inaugural dual-tranche $1 billion sustainable bond issuance under its Euro Medium Term Note (EMTN) Programme, comprising a $300 million Blue tranche with a three-year tenor and a $700 million Green tranche with a five-year tenor, the bank said in a statement on Thursday.
The transaction represents the largest Blue Bond issued in the UAE and the GCC, as well as the largest dual-tranche Blue-Green Bond issued by a financial institution globally, according to Emirates NBD.
The bank said proceeds from the issuance are aligned with the United Nations Sustainable Development Goals, specifically SDG 14: Life Below Water and SDG 13: Climate Action. The proceeds will be allocated towards marine conservation, sustainable water projects and green initiatives in line with Emirates NBD’s Sustainable Finance Framework, which was updated in November 2025.
The dual-tranche structure was designed to diversify the investor base and support the group’s sustainable finance strategy. Emirates NBD said the issuance attracted strong demand from global ESG-focused investors, reflecting confidence in the bank’s credit profile, market position and sustainability agenda. Global asset manager T. Rowe Price participated in the transaction, subscribing to the Blue tranche as part of its focus on ocean- and water-related investments.
The bank said the issuance adheres to the ICMA Green Bond Principles and aligns with emerging Blue Bond guidelines.
Commenting on the transaction, Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: “This dual-tranche Blue and Green Bond issuance underscores the depth and diversity of the GCC's sustainable debt markets. We continue to mobilise capital to stimulate and safeguard our region’s environmental priorities including preserving marine ecosystems, promoting more efficient water consumption and accelerating the energy transition. With a strong investor response reflecting growing confidence in our sustainable finance strategy, this transaction strengthens our foundational role in executing the UAE’s broader sustainability agenda.”
Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said the issuance marked an important milestone for the bank. “This issuance firmly establishes Emirates NBD as a first mover in public markets for Blue Bonds among banking institutions in the GCC. We remain committed to delivering innovative sustainable financing instruments while broadening access to the UAE’s markets among global ESG-focused investors. Through structuring the transaction under our EMTN Programme with clear use-of-proceeds, rigorous governance, and alignment to the ICMA principles, we ensure the Bonds’ ultimate transparency and impact. We are pleased with the quality of demand and expect this benchmark, $1 billion, to catalyse wider adoption of blue financing across the region,” he said.
Matt Lawton, Head of Impact Investing at T. Rowe Price, said: “We are proud to partner with Emirates NBD in this innovative blue bond transaction that will mobilise meaningful capital towards advancing the blue economy. We believe this transaction will address a critical development priority and provide an opportunity for attractive investment returns. We hope this transaction will support a more robust blue bond market and serve as a replicable model for future issuances.”
The Joint Lead Managers and Joint Bookrunners on the transaction were Emirates NBD Capital, Citibank, HSBC, Mizuho, Standard Chartered and Société Générale, with Emirates NBD Capital and Citibank acting as Joint Sustainability Structurers. Legal counsel to the issuer was Clifford Chance, while Linklaters acted as legal counsel to the Joint Lead Managers.
Emirates NBD said the bonds were issued through a public offering under the EMTN Programme and will be dual-listed on Euronext Dublin and Nasdaq Dubai.
