Emirates NBD, a banking group in the Middle East, North Africa and Türkiye (MENAT) region, has successfully priced a $750m Additional Tier 1 (AT1) capital issuance, marking the first debt capital markets transaction from a Gulf Cooperation Council (GCC) issuer since late February 2026.
The issuance follows the bank’s recent call of a previous $750m instrument earlier this month and highlights its active capital management strategy amid evolving market conditions.
As the first public issuance since the recent period of heightened uncertainty, the transaction signals a reopening of regional capital markets, with strong investor demand reflecting confidence in both Emirates NBD’s credit profile and the broader United Arab Emirates (UAE) and GCC financial ecosystem.
The AT1 issuance attracted robust demand from a diversified base of global institutional investors across Asia, Europe, the United Kingdom and the Middle East. The deal was more than three times oversubscribed, underscoring continued appetite for high-quality regional issuers despite ongoing volatility.
Strong investor interest enabled Emirates NBD to price the issuance within guidance, achieving a tightening of around 50 basis points and a final coupon of 6.25 per cent.
Ahmed Al Qassim, group head of Wholesale Banking at Emirates NBD, said: “This landmark issuance underscores the strong global confidence in Emirates NBD’s credit fundamentals, the resilience of our franchise and the compelling strength of the UAE’s economic story. The depth and quality of investor demand enabled us to achieve competitive pricing despite a dynamic market backdrop, reflecting both the robustness of our fundamentals and the strong recognition of the Emirates NBD brand. Importantly, this transaction also marks a meaningful reopening of regional capital markets, reinforcing growing momentum and highlighting investor faith in leading UAE institutions.”
Ammar Al Haj, group treasurer and head of Global Markets at Emirates NBD, added: “We are very pleased with the outcome of this AT1 issuance. The strong investor response reflects sustained appetite for high quality UAE issuers and underscores Emirates NBD’s consistent access to global liquidity pools. This successful return to the market has helped reopen and reinforce confidence in the UAE capital markets at a pivotal time, providing a constructive signal to investors following recent geopolitical uncertainty. The strong demand highlights Emirates NBD’s ability to play a leading role in supporting market normalisation, while strengthening our capital base and reinforcing the UAE’s position as a credible and accessible capital markets hub.”
The transaction was supported 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 Bookrunners.
Clifford Chance served as Issuer Counsel, while Linklaters acted as Dealer Counsel. The securities will be listed on Euronext Dublin and Nasdaq Dubai and include a six-year non-call period.
The issuance forms part of Emirates NBD’s broader capital optimisation strategy and reinforces its position as a benchmark issuer, while signalling renewed investor confidence and improving access to global capital markets for regional institutions.
Source: GulfBusiness
