April 30, 2026
Emirates NBD has successfully priced a $750 million Additional Tier 1 (AT1) capital issuance, becoming the first debt capital markets transaction from a Gulf Cooperation Council (GCC) issuer since late February 2026. The deal signals a renewed reopening of regional capital markets and highlights strong investor confidence in both the bank and the broader UAE financial ecosystem.
Strategic Capital Management Amid Market Conditions
The issuance follows Emirates NBD’s recent call of a previous $750 million instrument earlier this month, reflecting the bank’s active and disciplined capital management approach in response to evolving market dynamics.
As the first public issuance after a period of heightened uncertainty, the transaction is being seen as a key milestone for regional markets, indicating improving sentiment and liquidity conditions.
Strong Investor Demand Across Global Markets
The AT1 instrument attracted robust demand from a highly diversified investor base spanning Asia, Europe, the United Kingdom, and the Middle East. The transaction was more than three times oversubscribed, demonstrating continued appetite for high-quality GCC credit despite global volatility.
Strong demand enabled the bank to price the issuance within guidance, achieving a tightening of approximately 50 basis points and setting a final coupon of 6.25%.
Leadership Commentary on Market Confidence
According to Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, the transaction reflects global confidence in the bank’s credit strength and the resilience of the UAE economy. He noted that strong investor participation allowed for competitive pricing and reinforced the Emirates NBD brand as a leading regional issuer.
Ammar Al Haj, Group Treasurer and Head of Global Markets, added that the successful issuance demonstrates sustained investor appetite for UAE-based issuers and highlights the bank’s continued access to global liquidity pools. He further emphasized that the transaction helps restore momentum in regional capital markets at a critical time.
Strengthening UAE Capital Markets Position
The issuance was supported by a consortium of global and regional financial institutions, including major investment banks acting as joint lead managers and bookrunners. The securities will be listed on both Euronext Dublin and Nasdaq Dubai and include a six-year non-call period.
Overall, the transaction forms part of Emirates NBD’s broader capital optimisation strategy and reinforces its position as a benchmark issuer. More broadly, it signals renewed confidence in GCC capital markets and strengthens the UAE’s standing as a resilient and accessible global financial hub.
