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The UAE’s Emirates NBD Bank, rated A1 (stable) by Moody’s / A+ (stable) by Fitch, has collectively raised $1 billion from its blue and green sustainability-linked bonds, with the orderbook in excess of $2 billion.
The three-year blue bond raised $300 million, with a 4.195% coupon and a spread set at 65 basis points over US Treasuries from initial price thoughts in the +95 bps area. The bond carried a 4.195% yield with a re-offer price at par.
The five-year green bond raised $700 million, with the spread tightened to T+80 bps from IPTs in the T+110 bps area. The bond carried a 4.529% coupon, with a similar yield and a re-offer price at par.
The collective orderbook was in excess of $2.15 billion, with a $650 million allocation for the three-year blue bond and $1.5 billion for the five-year green bond, both excluding JLM interest.
The senior unsecured Reg S Eurobond offerings come under ENBD’s $20 billion Euro Medium Term Note Programme, with an expected rating of A1 by Moody’s / A+ by Fitch.
The UAE lender mandated Citi, Emirates NBD Capital, HSBC, Mizuho, Societe Generale and Standard Chartered Bank as joint lead managers and joint bookrunners on the deal.
Citi and Emirates NBD Capital are acting as joint sustainability structurers.
The bank said net proceeds of the blue bond will finance or refinance a subset of eligible green loans, Sharia’h-compliant financings, or investments, which will contribute to a sustainable blue economy. The proceeds from the green bond will be earmarked for project under Eligible Green Categories of the bank’s Sustainable Finance Framework dated September 2025.
The bonds will be listed on Nasdaq Dubai and Euronext Dublin.
(Writing by Bindu Rai, editing by Brinda Darasha)
