Government owned bank Emirates NBD has priced a AED 1 billion ($272 million) digital bond to be issued on Euroclear’s D-FMI distributed ledger. The three year bond has a coupon of 4.25% and was in demand with an oversubscription ratio of 1.3 times.
The digital native note (DNN) received the same ratings as other conventional Emirates NBD bonds from Moody’s (A1 stable) and Fitch Ratings (A+ stable). Fitch elaborated that the business continuity plan provided the peace of mind for the same rating and DLT does not add any additional credit risk. The continuity plan involves a conventional issuance in the event of a DLT infrastructure failure.
In the past few months Middle Eastern banks have issued several digital bonds. Euroclear hosted a $150 million bond for Doha Bank in December 2025 as well as issuances for Turkey’s İşbank and Akbank in the past few months. Meanwhile, HSBC Orion has been used for issuances by Qatar National Bank (QNB) and First Abu Dhabi Bank. The QNB bond was one of the largest commercial bank issuances at $500 million.
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