Emirates NBD Blue-Green Bond Case Study

This case study details the inaugural dual-tranche USD 1 billion sustainable bond issuance by Emirates NBD (ENBD), a prominent banking group in the Middle East, North Africa, and Türkiye (MENAT) region. The issuance includes a USD 300 million Blue tranche with a 3-year tenor and a USD 700 million Green tranche with a 5-year tenor, marking it as the largest Blue Bond issued in the UAE and the GCC, as well as the largest dual-tranche Blue-Green Bond globally. The Blue Bond specifically targets financing for sustainable water and wastewater management to address severe water scarcity in the UAE and MENA region, which is among the most water-stressed areas worldwide. The proceeds will fund projects aligned with International Finance Corporation (IFC) requirements, focusing on wastewater treatment and low-carbon desalination. The impact will be assessed through metrics such as water savings and improved sanitation access, adhering to The International Capital Market Association (ICMA) frameworks.