Emirates NBD priced a $750 million Additional Tier 1 (AT1) capital issuance, marking the first debt capital markets transaction from a GCC corporate or financial institution since late February 2026. Additionally, the issuance followed the successful call of a previous $750 million transaction earlier this month, highlighting the bank’s active capital management strategy.
The bank said strong demand reflected investor confidence in its credit fundamentals, capital position, and long-term direction. Moreover, the issuance attracted broad participation from global institutional investors across Asia, Europe, the United Kingdom, and the Middle East, reinforcing continued appetite for regional credit despite market volatility.
The transaction was oversubscribed by more than three times. As a result, the bank priced the deal within initial guidance, tightening by around 50 basis points to a final coupon of 6.25%.
Investor Demand Supports Regional Market Activity
Emirates NBD stated that the successful execution represents a significant milestone for regional capital markets. Additionally, it noted that investor engagement demonstrated resilience across UAE and wider GCC financial markets.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said the issuance embodies solid global confidence in the bank’s credit fundamentals and the exceptional strength of the UAE’s economic outlook.
Ammar Al Haj, Group Treasurer and Head of Global Markets at Emirates NBD, added that the significant investor engagement is a clear indicator of sustained demand for high-quality financial instruments issued by UAE institutions. He noted that the bank’s ability to access global liquidity at this pivotal time reaffirms its standing as a benchmark issuer.
Deal Structure and Listing Details
The transaction was arranged by a syndicate of regional and international banks, including Abu Dhabi Commercial Bank, Barclays, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and J.P. Morgan, acting as Joint Lead Managers and Joint Bookrunners. Additionally, Clifford Chance served as Legal Counsel to the Issuer, while Linklaters acted as Legal Counsel to the Lead Managers.
The securities will be listed on Euronext Dublin and Nasdaq Dubai, with a six-year non-call period.
