Clifford Chance advises Emirates NBD Bank PJSC

Clifford Chance has advised Emirates NBD, one of the largest banking groups in the GCC (by total assets), on its issuance of AED1 billion 5.125 per cent. notes due January 2026. In completing the transaction, Emirates NBD has become the first UAE financial institution to support the Federal Government’s UAE dirham Treasury Bonds Programme, through the issuance of AED-denominated notes priced relative to the Federal Government’s Treasury Bonds curve. The Notes were issued in accordance with Regulation S of the U.S. Securities Act of 1933, and are expected to be listed on Nasdaq Dubai.

The Federal Government’s UAE dirham Treasury Bonds Programme was established in April 2022 with the aim to develop the local currency debt market and offer local and foreign investors an opportunity to invest in UAE dirham-denominated T-Bonds, whilst building the UAE dirham yield curve.
Clifford Chance’s team comprised partner and Head of Middle East Capital Markets, Stuart Ure, Julian Walley and Nader Koudsi.

Stuart Ure commented, “It has once again been a privilege to work alongside Emirates NBD in support of the rapid development of the capital markets in the UAE – having acted for the Federal Government on the historic establishment of the treasury bond programme, we are delighted to see the end-to-end implementation of Federal policy through this first issuance by Emirates NBD”.

Emirates NBD, HSBC Bank plc, Industrial And Commercial Bank of China (Asia) Limited and Mashreqbank psc acted as joint lead managers in respect of the issuance.