Emirates NBD, a prominent banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has completed a record-breaking $1billion sustainable bond issuance. The transaction marks a significant milestone as the largest dual-tranche Blue-Green bond ever issued by a financial institution globally.
The issuance, conducted under the bank’s Euro Medium Term Note (EMTN) Programme, consists of two tranches tailored to specific environmental objectives:
- Blue Tranche: A USD 300million tranche with a 3-year tenor.
- Green Tranche: A USD 700million tranche with a 5-year tenor.
With this deal, Emirates NBD secures its position as a “first mover” in the public markets for Blue Bonds among GCC banking institutions. While First Abu Dhabi Bank (FAB) issued the region’s first Blue Bond by a financial institution in August 2025, that was a smaller private placement. Emirates NBD’s issuance is the first of its kind to be offered publicly in the region.
Financing the blue and green economies
The proceeds from this dual-tranche bond are strategically aligned with the United Nations Sustainable Development Goals (SDGs), specifically SDG 14 (Life Below Water) and SDG 13 (Climate Action).
In accordance with Emirates NBD’s Sustainable Finance Framework—which was updated in November 2025—the capital will be channeled into several key environmental priorities:
- Marine Conservation: Projects aimed at preserving marine ecosystems and ocean health.
- Sustainable Water Projects: Promoting efficient water consumption and sustainable water infrastructure.
- Green Initiatives: Accelerating the regional energy transition and other climate-focused projects.
Global investor confidence and strategic partnerships
The offering saw robust demand from global ESG-focused investors, reflecting strong market confidence in the bank’s credit strength and sustainability roadmap. A notable participant was T. Rowe Price, a global asset manager and leader in blue investments, which subscribed to the Blue tranche.
Ahmed Al Qassim, group head of wholesale banking at Emirates NBD, stated: “We continue to mobilise capital to stimulate and safeguard our region’s environmental priorities… This transaction strengthens our foundational role in executing the UAE’s broader sustainability agenda”.
Vijay Bains, chief sustainability officer at Emirates NBD, added: “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”.
The bonds are dual-listed on Euronext Dublin and Nasdaq Dubai, following a joint lead management effort by Emirates NBD Capital, Citibank, HSBC, Mizuho, Standard Chartered, and Société Générale.