Emirates NBD has completed its inaugural dual-tranche US$1 billion sustainable bond issuance under its Euro Medium Term Note (EMTN) Programme, comprising a US$300 million blue bond with a three-year maturity and a US$700 million green bond with a five-year tenor.
According to the bank, the proceeds will be allocated in line with its Sustainable Finance Framework, updated in November 2025. The blue tranche is intended to finance projects linked to marine conservation and sustainable water management, while the green tranche will support climate-related initiatives, including energy transition and resource efficiency projects. The issuance is aligned with the UN Sustainable Development Goals, including SDG 14 (Life Below Water) and SDG 13 (Climate Action).
The bonds were issued under Emirates NBD’s EMTN Programme and attracted demand from international investors with an ESG mandate. T. Rowe Price participated in the transaction, subscribing to the blue tranche. The issuance follows the ICMA Green Bond Principles and emerging guidelines for blue bonds.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said the transaction reflects growing activity in sustainable debt markets across the Gulf region. He said the bank aims to channel capital towards environmental priorities such as marine ecosystems, water efficiency and lower-carbon energy systems.
Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said the transaction was structured to provide transparency on the use of proceeds and governance under the EMTN Programme, adding that the bank expects broader market interest in blue financing instruments.
Matt Lawton, Head of Impact Investing at T. Rowe Price, said the firm viewed the issuance as a way to allocate capital towards ocean- and water-related projects within the blue economy.
The joint lead managers and bookrunners for the issuance were Emirates NBD Capital, Citibank, HSBC, Mizuho, Standard Chartered and Société Générale, with Emirates NBD Capital and Citibank acting as joint sustainability structurers. Legal advisers included Clifford Chance for the issuer and Linklaters for the joint lead managers.
The bonds were issued via a public offering and will be listed on Euronext Dublin and Nasdaq Dubai.
