Emirates NBD Completes Landmark Transaction with Largest Dual-Tranche Blue-Green Bond Issued by a Financial Institution Globally

Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, announced the completion of its inaugural dual-tranche USD 1 billion sustainable bond issuance under its Euro Medium Term Note (EMTN) Programme, comprising a USD 300 million Blue tranche with a 3-year tenor and a USD 700 million Green tranche with a 5-year tenor. This transaction represents the largest Blue Bond issued in the UAE and the GCC, and the largest Dual-Tranche Blue-Green Bond issued by a financial institution globally.

With this issuance, Emirates NBD continues to advance its commitment to the United Nations Sustainable Development Goals, with proceeds aligned to SDG 14: Life Below Water and SDG 13: Climate Action. The dual-tranche structure reflects the Group’s innovative approach to ESG financing and diversifying its investor base while channeling proceeds toward marine conservation, sustainable water projects and green initiatives in line with Emirates NBD’s Sustainable Finance Framework, updated in November 2025.

The offering attracted robust demand from global ESG-focused investors, underscoring confidence in Emirates NBD’s credit strength, market standing and sustainability agenda. The transaction featured participation from T. Rowe Price, a global asset manager and a market leader in blue investments, which subscribed to the Blue tranche as part of its commitment to ocean- and water-related sustainable finance. The issuance adheres to global best practices under the ICMA Green Bond Principles and aligns with emerging Blue Bond guidelines.

Ahmed Al Qassim, Group Head of Wholesale Banking, 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, Emirates NBD, said: “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, USD 1 billion, to catalyse wider adoption of blue financing across the region.”

Matt Lawton, Head of Impact Investing, 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, Société Générale, with Emirates NBD Capital and Citibank acting as Joint Sustainability Structurers. Legal counsel to the Issuer was Clifford Chance, while legal counsel to the Joint Lead Managers was Linklaters. The bonds were issued via a public offering under the EMTN Programme and will be dual listed on Euronext Dublin and Nasdaq Dubai.