Emirates NBD bucks the wobble in Dubai credit: Emirates NBD raised USD 2.25 bn through a syndicated loan and Murabaha facility even as parts of Dubai’s credit market start to wobble. The DFM-listed lender secured commitments from 15 banks across the US, Europe, and Asia — and managed to secure its tightest pricing on record for one of the GCC’s largest syndicated borrowings to date, it said in a press release.

A two-tranche financing that cleared easily: The transaction was split between a USD 1.75 bn, five-year sustainability-linked loan and a USD 500 mn, five-year commodity murabaha facility — secured by Emirates Islamic, which Emirates NBD fully acquired last year. The larger loan was upsized from USD 1 bn after being more than 2x oversubscribed.

The loan adds to the growing split in regional credit: While high-yield real estate names like Binghatti and Omniyat slipped into distressed territory, investors are still showing up for large, systemically important banks. Emirates NBD’s tight pricing suggests UAE risk is being repriced selectively rather than pulled across the board, with the lender citing its strong liquidity, USD resources, and diversified income streams as helping secure the pricing.

The bank has been active across both debt and bank funding markets every month of the first quarter, most recently issuing a EUR 500 mn green bond in mid-February, just a month after its landmark USD 1 bn blue-green bond.

ADVISORS- Bank of America, BNP Paribas, DBS, and Emirates NBD Capital were joint coordinators and bookrunners for the larger loan, with Emirates NBD Capital also acting as sole coordinator on the Islamic tranche.

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