Dubai, UAE,April 2026: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, announced the successful pricing of a USD 750 million Additional Tier 1 (AT1) capital issuance, marking the first debt capital market issuance from a GCC issuer since late February 2026. This strategic move follows the successful call of a previous USD 750 million issuance earlier this month, demonstrating the Bank’s agile capital management and the deep global trust in the UAE and the wider GCC financial ecosystem.
As the first public debt capital markets issuance in the GCC since the recent heightened uncertainty, the strong demand for this issuance underscores the depth of investor confidence in Emirates NBD’s credit fundamentals, capital position and long term strategy, as well as the resilience of the UAE and the wider GCC financial markets.
The AT1 issuance attracted strong and well diversified demand from a broad base of global institutional investors, with robust participation from Asia, Europe, the United Kingdom and the Middle East. The transaction was substantially oversubscribed, with demand over three times the issued size, reflecting sustained investor appetite for high quality regional issuers despite ongoing market volatility.
The depth and quality of investor interest enabled Emirates NBD to price the transaction comfortably within guidance, achieving a tightening of approximately 50 basis points and a final coupon of 6.25%. This outcome underscores the strength of the Emirates NBD franchise, the effectiveness of the execution strategy and continued investor confidence in the UAE credit story.
The successful execution of the transaction is a major milestone for regional capital markets by demonstrating a clear reopening of market access and renewed investor risk appetite following a period of uncertainty. It reinforces Emirates NBD’s position as a benchmark issuer and underscores its ability to access international capital markets across varying market conditions.
Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “This landmark issuance underscores the strong global confidence in Emirates NBD’s credit fundamentals, the resilience of our franchise and the compelling strength of the UAE’s economic story. The depth and quality of investor demand enabled us to achieve competitive pricing despite a dynamic market backdrop, reflecting both the robustness of our fundamentals and the strong recognition of the Emirates NBD brand. Importantly, this transaction also marks a meaningful reopening of regional capital markets, reinforcing growing momentum and highlighting investor faith in leading UAE institutions.”
Ammar Al Haj, Group Treasurer and Head of Global Markets, Emirates NBD, added: “We are very pleased with the outcome of this AT1 issuance. The strong investor response reflects sustained appetite for high quality UAE issuers and underscores Emirates NBD’s consistent access to global liquidity pools. This successful return to the market has helped reopen and reinforce confidence in the UAE capital markets at a pivotal time, providing a constructive signal to investors following recent geopolitical uncertainty. The strong demand highlights Emirates NBD’s ability to play a leading role in supporting market normalisation, while strengthening our capital base and reinforcing the UAE’s position as a credible and accessible capital markets hub.”
The transaction was executed with the support of a broad syndicate of leading regional and international banks, reflecting deep institutional engagement and confidence in the issuer.
Joint Lead Managers and Bookrunners on the transaction were Abu Dhabi Commercial Bank, Barclays, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and J.P. Morgan.
Clifford Chance acted as Issuer Counsel, while Linklaters served as Dealer Counsel. The capital securities will be listed on Euronext Dublin and Nasdaq Dubai and will have a six-year non-call period.
The transaction forms part of the Group’s broader capital optimisation strategy and follows a series of successful funding and capital markets transactions that have reinforced Emirates NBD’s position as a leading and innovative issuer in the region.
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 10 million active customers. As of 31st March 2026, total assets were AED 1.2 trillion, (equivalent to approx. USD 327 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 790 branches and 4,536 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD demonstrates leadership in sustainability by becoming the first bank globally to publish an IFRS S1 and S2-aligned report along with assurance of financed emissions and through the landmark issuance of the world’s first Sustainability-Linked Financing Sukuk by Emirates Islamic of USD 500 million fully aligned with ICMA guidelines. Emirates NBD continues to engage and support communities through its pioneering exchanger volunteer programme which completed 10 years in 2025 with over 160,000 hours contributed to social causes for over 1.1 million beneficiaries.
