Emirates NBD has completed a landmark USD 1 billion sustainable bond issuance, marking the largest dual-tranche Blue–Green bond ever issued by a financial institution globally and the largest blue bond to date in the UAE and GCC. The transaction was executed under the bank’s Euro Medium Term Note (EMTN) Programme and reflects growing depth and sophistication in regional sustainable debt markets.

Structuring a First-of-Its-Kind Blue–Green Issuance

The issuance comprised two tranches: a USD 300 million blue bond with a three-year tenor and a USD 700 million green bond with a five-year tenor. The dual-tranche structure enabled Emirates NBD to diversify its investor base while directing capital toward distinct but complementary sustainability priorities. Proceeds are aligned with the United Nations Sustainable Development Goals, notably SDG 14 (Life Below Water) and SDG 13 (Climate Action), under the bank’s updated Sustainable Finance Framework.

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Channeling Capital to Climate and Ocean Priorities

Funds raised through the blue tranche will support marine conservation and sustainable water-related projects, while the green tranche targets climate mitigation initiatives such as renewable energy and energy efficiency. The bonds adhere to ICMA Green Bond Principles and emerging blue bond guidelines, reinforcing transparency and credibility around use-of-proceeds, governance and reporting.

Strong Global Investor Demand

The transaction attracted robust interest from international ESG-focused investors, underscoring confidence in Emirates NBD’s credit profile and sustainability strategy. Notably, T. Rowe Price participated in the blue tranche, reflecting growing institutional appetite for ocean-linked investments and the maturation of blue finance as an asset class.

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Advancing the UAE’s Sustainable Finance Agenda

Senior executives at Emirates NBD highlighted the issuance as a milestone for both the bank and the region. The transaction reinforces the UAE’s ambition to position itself as a global hub for sustainable finance, while demonstrating how innovative instruments can mobilise capital for climate resilience, water security and ecosystem protection at scale.

Market Impact and Future Implications

By delivering a benchmark-sized, dual-listed transaction on Euronext Dublin and Nasdaq Dubai, Emirates NBD has set a replicable model for future blue and green issuances by financial institutions. The deal is expected to catalyse wider adoption of blue financing across the GCC, expanding the role of capital markets in addressing environmental challenges alongside traditional green finance instruments.

Overall, the USD 1 billion blue–green bond underscores how regional banks are increasingly using structured sustainable finance to bridge global investor demand with pressing climate and nature priorities.

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