Today's Edition
ABU DHABI (ALETIHAD)
Emirates NBD has issued the Middle East’s first dirham-denominated digital bond, raising Dh1 billion through a three-year fixed-rate issuance listed on Nasdaq Dubai, the bank said in a statement.
The issuance, described as the first dirham-denominated digitally native bond in the region and the largest public digital bond in the Middle East and North Africa, was carried out under Emirates NBD’s Euro Medium Term Note (EMTN) programme. The bond leverages distributed ledger technology on Euroclear’s Digital Financial Market Infrastructure (D-FMI) platform, digitising the full bond lifecycle from issuance to settlement.
According to the statement, the listing on Nasdaq Dubai provides transparent price discovery and secondary market access while aligning the issuance with international market standards. The transaction positions Emirates NBD at the forefront of digital finance in the region and underscores the UAE’s growing role in the digital bond ecosystem.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said the issuance marked a significant milestone for both the bank and regional debt capital markets. “This issuance is a landmark for Emirates NBD and the region’s debt capital markets, highlighting our leadership in digital finance,” he said. “We are confident that the transaction will enhance operational efficiency, speed up settlement cycles and strengthen transparency and security for investors, while building a more resilient digital capital markets ecosystem in the UAE and the region.”
The bond attracted a diversified investor base, reflecting confidence in Emirates NBD’s credit profile and digital capabilities, the bank said. Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, and Standard Chartered acted as joint lead managers, while Emirates NBD Capital and Standard Chartered served as joint digitally native note structurers. Citi acted as the issuing and paying agent.
Hamed Ali, Chief Executive Officer of Nasdaq Dubai and Dubai Financial Market, said the admission of the digital bond signalled the maturity of digital debt markets. “It demonstrates that new issuance models can operate confidently within a regulated, internationally aligned exchange environment, while maintaining transparency, liquidity, and investor confidence,” he said.
The issuance builds on Euroclear’s earlier experience with digital transactions, including its first digital issuance in 2023 with the World Bank and subsequent issuances totalling around €1.2 billion.
Bernard Ferran, Chief Commercial Officer of Euroclear, said the transaction showed how digital issuance had moved beyond concept into practical market application. “It shows how clients can harness innovation without sacrificing reliability, benefiting from faster execution while maintaining seamless investor access and deep liquidity,” he said.
Salman Ansari, Global Head of Capital Markets at Standard Chartered, said the transaction marked a defining moment for regional capital markets. “By issuing the first-ever dirham-denominated digital notes, Emirates NBD has demonstrated how trusted market infrastructure and distributed ledger technology can work together to modernise debt markets at scale,” he said.
