Emirates NBD has announced the issuance of AED 1 billion in three-year fixed-rate Digitally Native Notes (DNNs), marking the first-ever AED-denominated digital bond and the largest public digital bond issued in the Middle East and North Africa (MENA) region.

The landmark issuance underscores Emirates NBD’s leadership in digital assets and reinforces the UAE’s position as a regional hub for digital capital markets innovation.

First digitally native bond listed on Nasdaq Dubai

The notes will be listed and admitted to trading on Nasdaq Dubai, making them the first digitally native bond to be listed on the exchange.

The listing supports transparent price discovery, secondary market access and alignment with international market standards, enhancing investor confidence and market liquidity.

Emirates NBD raises $1 billion in world’s largest dual-tranche blue-green bond issued by a financial institution

Issued under EMTN Program using distributed ledger technology

The bond was issued through a public offering under Emirates NBD’s Euro Medium Term Note (EMTN) Program, leveraging distributed ledger technology (DLT) on Euroclear’s Digital Financial Market Infrastructure (D-FMI) platform. The platform digitizes the entire bond lifecycle, from issuance and distribution to settlement.

Euroclear’s D-FMI enables the issuance of fully digital international securities while integrating seamlessly with established secondary market services and trading venues, ensuring investors retain access to familiar liquidity channels.

Building on global momentum in digital capital markets

The issuance builds on Euroclear’s growing track record in digital transactions, following the world’s first digital bond issuance with the World Bank in 2023 and subsequent digital issuances totalling approximately EUR 1.2 billion.

The transaction reflects the accelerating adoption of digital solutions in global capital markets, as issuers and investors seek greater efficiency, transparency and security.

Strong investor demand and broad participation

The bond attracted a diversified investor base, demonstrating strong confidence in Emirates NBD’s credit strength and digital capabilities.

Emirates NBD Capital, First Abu Dhabi Bank (FAB), Mashreq and Standard Chartered acted as Joint Lead Managers, while Emirates NBD Capital and Standard Chartered served as Joint Digitally Native Note Structurers. Citi acted as the Issuing and Paying Agent.

Leadership insights

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “This issuance is a landmark for Emirates NBD and the region’s debt capital markets, highlighting our leadership in digital finance.

“Supported by pro-business regulations and a forward-thinking approach to financial services, the UAE continues to set new benchmarks for digital assets and distributed ledger technology throughout the Middle East.

“We are confident that the transaction will enhance operational efficiency, speed up settlement cycles and strengthen transparency and security for investors, while building a more resilient digital capital markets ecosystem in the UAE and the region.”

Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said: “The admission of an AED-denominated digitally native bond to trading on Nasdaq Dubai reflects the growing maturity of digital debt markets.

“It demonstrates that new issuance models can operate confidently within a regulated, internationally aligned exchange environment, while maintaining transparency, liquidity, and investor confidence.

“This transaction further underscores Dubai’s position as a trusted platform for capital markets innovation and the continued evolution of its debt markets.”

Bernard Ferran, Chief Commercial Officer, Euroclear Group, said: “This transaction demonstrates how digital issuance is delivering real value for clients and moving beyond concept into repeatable market practice.

“Supporting Emirates NBD’s AED 1 billion bond on our D-FMI builds on the accelerated pace of our digital issuance model and supports our broader growth ambitions in the Middle East. It shows how clients can harness innovation without sacrificing reliability – benefiting from faster execution while maintaining seamless investor access, deep liquidity, and alignment with established market standards.

“By combining efficiency with trusted infrastructure, digital issuance preserves established market access and liquidity while streamlining execution.”

Salman Ansari, Global Head of Capital Markets, Standard Chartered, said: “This issuance marks a defining moment not just for Emirates NBD, but for the region’s Capital Markets.

“By issuing the first ever AED-denominated digital notes, Emirates NBD has demonstrated how trusted market infrastructure and distributed-ledger-technology can work together to modernise debt markets at scale.

“This very successful public bookbuild, benchmark size transaction saw multiple investors participating – a reflection on the wider investor adoption and the strengthening of local market foundations.

“Standard Chartered is proud to be the Joint Digital Structurer and Bookrunner for this landmark issuance that will shape the future architecture of global debt markets.”

Issued amid robust regional debt market growth

The launch comes against the backdrop of strong growth in the region’s debt capital markets, driven by rising investor demand. This environment has encouraged governments and corporates across the region to tap the market with new debt issuances, including innovative digital instruments.