The UAE’s Emirates NBD Bank, rated A1 (stable) by Moody’s / A+ (stable) by Fitch, has together raised $1 billion in its blue and green sustainability-linked bonds, with an orderbook over $2 billion.
The three-year blue bond issued $300 million at a 4.195 percent coupon and a spread of 65 basis points over the US Treasuries at preliminary price ideas in the +95-bps region. The bond carried a 4.195 percent yield with a re-offer price at par.
The five-year green bond issued raised $700 million as the spread narrowed to T +80 bps compared to the IPTs in the T +110 bps zone.
Its collective orderbook stood at over $2.15 billion, and $650 million was allocated to the three-year blue bond and $1.5 billion to the five-year green bond, not including JLM interest.
The offering of senior unsecured Reg S Eurobond is under the $20 billion ENBD Euro Medium Term Note Programme, and is rated as expected to be A1 by Moody or A+ by Fitch.
The lender in the UAE mandated Citi, Emirates NBD Capital, HSBC, Mizuho, Societe Generale, and Standard Chartered Bank as joint lead managers and joint bookrunners of the deal. Citi and Emirates NBD Capital are also playing the role of joint sustainability structurers.
The bank indicated that net proceeds of the blue bond will either finance or refinance a portion of qualified green loans, Sharia-compliant financings, or investments, which will be integrated into a sustainable blue economy.
The green bond proceeds will be allocated to projects under the Eligible Green Categories of the Sustainable Finance Framework of the Bank of September 2025. Thus, the bonds will be listed on Nasdaq Dubai and Euronext Dublin.
