Emirates NBD has stepped into the digitally native debt space with a benchmark-sized issuance, pricing a three-year, AED1 billion dirham-denominated note at a 4.25% coupon, offered at par.
Investor demand came in strong. Order books crossed AED1.3 billion, even before accounting for interest from joint lead managers, signalling solid appetite for the UAE lender’s first dirham-based digitally native notes.
The issuance is structured under the bank’s $20 billion Euro Medium Term Note programme and was executed in Regulation S format. Settlement and clearing will be handled through Euroclear’s Digital Financial Market Infrastructure, underscoring the transaction’s fully digital architecture. The notes are set to be listed on Nasdaq Dubai.
A consortium of regional and international banks led the deal, with Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Standard Chartered Bank acting as joint lead managers and bookrunners. Emirates NBD Capital and Standard Chartered also took on structuring roles for the digital format.
The transaction marks Emirates NBD’s second foray into capital markets this month. Just days earlier, the bank raised $1 billion through sustainability-linked bonds tied to blue and green financing themes, a deal that drew demand exceeding $2 billion.
Together, the back-to-back offerings highlight the lender’s push to diversify funding channels while embracing digital issuance platforms alongside thematic debt.
