Emirates NBD priced its maiden AED 1 bn three-year digitally native note (DNNs) at a 4.25% coupon after sounding out the market last week, Zawya reports. The Reg S notes were issued at par under the bank’s USD 20 bn Euro Medium Term Note Program, and are slated for listing on Nasdaq Dubai.

The orderbook had reached AED 1.3 bn, excluding joint lead manager interest. Settlement ran through Euroclear’s Digital Financial Market Infrastructure.

SOUND SMART- DNNs are fully digital debt instruments that exist on a digital ledger rather than as paper certificates, allowing issuers and investors to manage issuance, settlement, and transfers through a digital platform. They combine the characteristics of traditional bonds — such as coupon payments and regulatory compliance — with faster, often near-instant settlement, improved transparency, and lower operational costs.

ICYMI- The transaction follows the lender’s USD 1 bn blue and green bond sale earlier this month.

ADVISORS- Our friends at Mashreq are joint lead managers and bookrunners on the transaction alongside Emirates NBD Capital, First Abu Dhabi Bank, and Standard Chartered, with Emirates NBD Capital and Standard Chartered acting as joint DNN structurers.

Our take

DNNs are gaining traction in markets like the UAE and broader GCC due to the easier access and more efficient trading they offer for investors. First Abu Dhabi Bank was the first to debut the structure last July, after which Qatar National Bank and Doha Bank also digital bonds.

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