Emirates NBD issues $500mln sustainability linked loan bond
Deal News | Nov 19, 2024 | Zawya
Emirates NBD, the UAE's second largest lender, has issued a $500 million sustainability linked loan (SLL) bond, set at initial price thoughts of Treasuries plus 125 basis points. The bond, which has a maturity of five years, will have its issue date set for November 26, 2024, and will mature on November 26, 2029, with annual interest payments starting in May 2025. Regional and international listings are on Euronext Dublin and NASDAQ Dubai, with Reg S senior unsecured notes marked A2/A+ by Moody's and Fitch. Emirates NBD Capital partners jointly with HSBC Bank as sustainability structuring agents, while several major banks are involved as joint lead managers and bookrunners for this issuance. The initiative is part of Emirates NBD’s $20 billion Euro Medium Term Note (EMTN) programme, directing funds towards a sustainable funding asset portfolio.
Sectors
- Banking
- Sustainable Finance
- Investment Banking
Geography
- United Arab Emirates – Emirates NBD is headquartered in the UAE.
- Ireland – Euronext Dublin is mentioned as a listing exchange for the bond.
Industry
- Banking – The article discusses Emirates NBD, a major banking institution issuing bonds.
- Sustainable Finance – The primary focus of the article is the issuance of a sustainability linked loan bond.
- Investment Banking – Involvement of banks such as HSBC, Industrial and Commercial Bank of China, and others as joint lead managers and bookrunners.
Financials
- $500 million – The size of the sustainability linked loan bond issued by Emirates NBD.
- +125 bps – The initial price thoughts for the bond set at Treasuries plus 125 basis points.
- $20 billion – The size of the Euro Medium Term Note (EMTN) programme under which these notes are issued.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Emirates NBD | Issuer | Company | The second largest lender in the UAE issuing the sustainability linked loan bond. |
| HSBC Bank | Sustainability Structuring Agent and Billing and Delivery Bank | Company | One of the joint banks involved in structuring the sustainability bond. |
| Emirates NBD Capital | Joint Sustainability Structuring Agent and Joint Lead Manager | Company | A division of Emirates NBD responsible for managing the bond issuance. |
| First Abu Dhabi Bank | Joint Lead Manager | Company | Participates as a joint lead manager for the bond issuance. |
| Industrial and Commercial Bank of China | Joint Lead Manager | Company | Participates as a joint lead manager for the bond issuance. |
| Societe Generale | Joint Lead Manager | Company | Participates as a joint lead manager for the bond issuance. |