The dual-tranche structure reflects the Group’s innovative approach to ESG financing
Emirates NBD has announced the completion of its inaugural dual-tranche US$ 1bn sustainable bond issuance under its Euro Medium Term Note (EMTN) Programme, comprising a US$ 300mn Blue tranche with a 3-year tenor and a US$ 700mn Green tranche with a 5-year tenor.
This transaction represents the largest Blue Bond issued in the UAE and the GCC, and the largest Dual-Tranche Blue-Green Bond issued by a financial institution globally.
The dual-tranche structure reflects the Group’s innovative approach to ESG financing and diversifying its investor base while channeling proceeds toward marine conservation, sustainable water projects and green initiatives in line with Emirates NBD’s Sustainable Finance Framework, updated in November 2025.
Blue tranche
The transaction featured participation from T. Rowe Price, a global asset manager and a market leader in blue investments, which subscribed to the Blue tranche as part of its commitment to ocean- and water-related sustainable finance. The issuance adheres to global best practices under the ICMA Green Bond Principles and aligns with emerging Blue Bond guidelines.
“With a strong investor response reflecting growing confidence in our sustainable finance strategy, this transaction strengthens our foundational role in executing the UAE’s broader sustainability agenda,” asserted Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD.
Benchmark
“We are pleased with the quality of demand and expect this benchmark, US$ 1bn, to catalyse wider adoption of blue financing across the region,” commented Vijay Bains, Chief Sustainability Officer and Group Head, ESG, Emirates NBD.
“We hope this transaction will support a more robust blue bond market and serve as a replicable model for future issuances,” noted Matt Lawton, Head of Impact Investing, T. Rowe Price.
The Joint Lead Managers and Joint Bookrunners on the transaction were Emirates NBD Capital, Citibank, HSBC, Mizuho, Standard Chartered, Société Générale, with Emirates NBD Capital and Citibank acting as Joint Sustainability Structurers.
