Emirates NBD Reopens New GCC Debt Capital Markets Activity with Landmark USD AT1 Issuance

Dubai, UAE, 29 April 2026: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, announced the successful pricing of a USD 750 million Additional Tier 1 (AT1) capital issuance, marking the first debt capital market issuance from a GCC issuer since late February 2026. This strategic move follows the successful call of a previous USD 750 million issuance earlier this month, demonstrating the Bank's agile capital management and the deep global trust in the UAE and the wider GCC financial ecosystem.

As the first public debt capital markets issuance in the GCC since the recent heightened uncertainty, the strong demand for this issuance underscores the depth of investor confidence in Emirates NBD's credit fundamentals, capital position and long term strategy, as well as the resilience of the UAE and the wider GCC financial markets.

The AT1 issuance attracted strong and well diversified demand from a broad base of global institutional investors, with robust participation from Asia, Europe, the United Kingdom and the Middle East. The transaction was substantially oversubscribed, with demand over three times the issued size, reflecting sustained investor appetite for high quality regional issuers despite ongoing market volatility.

The depth and quality of investor interest enabled Emirates NBD to price the transaction comfortably within guidance, achieving a tightening of approximately 50 basis points and a final coupon of 6.25%. This outcome underscores the strength of the Emirates NBD franchise, the effectiveness of the execution strategy and continued investor confidence in the UAE credit story.

The successful execution of the transaction is a major milestone for regional capital markets by demonstrating a clear reopening of market access and renewed investor risk appetite following a period of uncertainty. It reinforces Emirates NBD's position as a benchmark issuer and underscores its ability to access international capital markets across varying market conditions.

Ahmed Al Qassim, Group Head of Wholesale Banking, 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, 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 executed with the support of a broad syndicate of leading regional and international banks, reflecting deep institutional engagement and confidence in the issuer.

Joint Lead Managers and Bookrunners on the transaction were Abu Dhabi Commercial Bank, Barclays, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and J.P. Morgan.

Clifford Chance acted as Issuer Counsel, while Linklaters served as Dealer Counsel. The capital securities will be listed on Euronext Dublin and Nasdaq Dubai and will have a six-year non-call period.

The transaction forms part of the Group's broader capital optimisation strategy and follows a series of successful funding and capital markets transactions that have reinforced Emirates NBD's position as a leading and innovative issuer in the region.