Emirates NBD, a leading banking group in the Middle East, North Africa and Turkey (MENAT) region, has issued $272 million (AED 1 billion) in three‑year fixed‑rate Digitally Native Notes (DNNs).
Listed on Nasdaq Dubai, the issuance underscores Emirates NBD’s pioneering role in digital assets and highlights the UAE’s leadership in the regional digital bond ecosystem.
Issued via the bank’s Euro Medium Term Note (EMTN) Program, the bond leverages Euroclear’s Digital Financial Market Infrastructure (D-FMI) and distributed ledger technology (DLT) to fully digitize the bond lifecycle.
Building on Euroclear’s experience with digital issuances, including the World Bank’s first digital bond in 2023 and subsequent issuances totaling $1.40 billion (€1.2 billion), the D-FMI platform enables seamless issuance, distribution, and settlement while maintaining access to traditional liquidity channels.
The bond drew a diverse investor base, reflecting strong confidence in Emirates NBD’s credit quality and digital capabilities. Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, and Standard Chartered served as Joint Lead Managers, with Emirates NBD Capital and Standard Chartered as Joint DNN Structurers, and Citi as Issuing and Paying Agent. This marks the first digitally native bond to be listed on Nasdaq Dubai.
The Nasdaq Dubai listing ensures transparent pricing, secondary market access, and alignment with international standards, boosting investor confidence.
Ahmed Al Qassim Group Head – Wholesale Banking Emirates NBD
“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 that, “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, emphasized that, “This transaction demonstrates how digital issuance is delivering real value for clients and moving beyond concept into repeatable market practice. Supporting Emirates NBD’s $272 million (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.”
Image credits: Emirates NBD | Cropped by GBN
Salman Ansari, Global Head of Capital Markets, Standard Chartered, stated that, “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 modernize 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.”
The launch comes amid strong growth in the region’s debt capital markets, driven by heightened investor demand, which has encouraged government entities and corporations to issue new debt.
