Emirates NBD has issued Dhs 1 billion in three-year fixed-rate Digitally Native Notes (DNNs), marking the first AED-denominated digital bond and the largest public digital bond in the Middle East and North Africa (MENA) region. The notes are listed on Nasdaq Dubai.
First digital bond
The issuance was conducted under Emirates NBD’s Euro Medium Term Note (EMTN) Programme and leverages distributed ledger technology (DLT) through Euroclear’s Digital Financial Market Infrastructure (D-FMI). The platform digitises the bond lifecycle while Nasdaq Dubai listing provides transparent pricing, secondary market access, and compliance with international market standards.
The bond attracted a diverse group of investors, reflecting confidence in Emirates NBD’s credit quality and digital capabilities. Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, and Standard Chartered acted as Joint Lead Managers. Emirates NBD Capital and Standard Chartered served as Joint Digitally Native Note Structurers, while Citi acted as Issuing and Paying Agent.
UAE market impact
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: “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, added: “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.”
Digital issuance advantages
Euroclear highlighted the efficiency of digital issuance. Bernard Ferran, Chief Commercial Officer at Euroclear Group, said: “This transaction demonstrates how digital issuance is delivering real value for clients and moving beyond concept into repeatable market practice. Supporting Emirates NBD’s Dhs 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.”
Salman Ansari, Global Head of Capital Markets at Standard Chartered, said: “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.”
The issuance comes amid strong growth in the region’s debt capital markets, supported by rising investor demand and increasing issuance from both government entities and corporations.
tanvir@dubainewsweek.com
