Emirates NBD issues Dh1 billion first-ever digital bond in MENA

Emirates NBD has issued Dh1 billion in 3-year fixed-rate Digitally Native Notes (DNNs). This marks the first AED-denominated digital bond and the largest public digital bond in MENA, listed on Nasdaq Dubai.

The issuance highlights Emirates NBD’s leadership in digital assets and reinforces the UAE’s role in advancing the region’s digital bond ecosystem.

The bond was issued under Emirates NBD’s Euro Medium Term Note (EMTN) Programme using Euroclear’s Digital Financial Market Infrastructure (D-FMI) platform, which digitises the full bond lifecycle.

Listing on Nasdaq Dubai ensures transparent price discovery, secondary market access, and compliance with international standards, enhancing investor confidence.

Building on Euroclear’s experience with digital capital markets—including the first digital issuance in 2023 with the World Bank and subsequent issuances totalling EUR 1.2 billion—the D-FMI platform enables issuance, distribution, and settlement of fully digital securities while maintaining access to traditional liquidity channels.

The bond attracted a diverse investor base, reflecting confidence in Emirates NBD’s credit quality and digital capabilities.

Key participants included:

This transaction is the first digitally native bond to be listed on Nasdaq Dubai, allowing investors to trade within a regulated, internationally aligned exchange environment.

Emirates NBD and partners hail Dh1 billion digital bond as a landmark in the region’s debt markets.

Executives highlight how the issuance strengthens transparency, efficiency, investor confidence, and liquidity, while showcasing the UAE and Dubai as leaders in digital finance and distributed ledger technology.

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. Supported by pro-business regulations and forward-thinking financial services, the UAE continues to set new benchmarks in digital assets and distributed ledger technology. This transaction enhances operational efficiency, accelerates settlement cycles, strengthens transparency and security, and builds a more resilient digital capital markets ecosystem in the region.”

Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), added: “The admission of an AED-denominated digitally native bond to 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 reinforces Dubai’s position as a trusted platform for capital markets innovation.”

The transaction also demonstrates that digital bonds can modernise capital markets at scale without compromising reliability.

“This transaction shows how digital issuance is moving beyond concept into repeatable market practice. Supporting Emirates NBD’s Dh1 billion bond on D-FMI accelerates execution while maintaining investor access, liquidity, and alignment with market standards. Clients can harness innovation without sacrificing reliability,” said Bernard Ferran, Chief Commercial Officer at Euroclear Group.

Salman Ansari, Global Head of Capital Markets at Standard Chartered, said: “By issuing the first AED-denominated digital notes, Emirates NBD demonstrates how trusted market infrastructure and distributed-ledger-technology can modernise debt markets at scale. The successful public bookbuild reflects strong investor adoption and strengthens local market foundations.”

The launch comes amid strong growth in the region’s debt capital markets, driven by rising investor demand, which has encouraged both government entities and corporations to issue new debt. Emirates NBD’s digital bond is a milestone in MENA’s evolving capital markets, showcasing the potential of digital assets and distributed ledger technology to modernise financial services.