Emirates NBD has issued AED 1 billion in three-year fixed-rate Digitally Native Notes, marking the first AED-denominated digital bond and the largest public digital bond in the Middle East and North Africa region.
The bank issued the bond via a public offering under its Euro Medium Term Note Programme, using distributed ledger technology on Euroclear’s Digital Financial Market Infrastructure platform to digitise the bond lifecycle. The notes are listed on Nasdaq Dubai.
The issuance builds on Euroclear’s experience with digital transactions, including the first digital issuance in 2023 with the World Bank and subsequent issuances totalling approximately EUR 1.2 billion.
Emirates NBD makes history with largest digital bond issuance in MENA region
Euroclear’s D-FMI facilitates the issuance, distribution and settlement of digital international securities using distributed ledger technology and integrates with established secondary market services and trading venues.
The bond attracted a range of investors. Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Standard Chartered acted as Joint Lead Managers. Emirates NBD Capital and Standard Chartered acted as the Joint Digitally Native Note Structurers. Citi acted as the Issuing and Paying Agent.
“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,” Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD said in a statement.
“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,” Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM) added.
Emirates NBD issues three-year digital notes worth AED1 billion on Euroclear platform
“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,” Bernard Ferran, Chief Commercial Officer, Euroclear Group further explained.
“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,” Salman Ansari, Global Head of Capital Markets, Standard Chartered said.
The launch comes amid growth in the region’s debt capital markets, driven by investor demand, which has encouraged government entities and corporations to issue debt.
