{"id":116328,"date":"2026-04-30T00:00:00","date_gmt":"2026-04-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=116328"},"modified":"2026-04-30T02:42:10","modified_gmt":"2026-04-30T02:42:10","slug":"enbd-reopens-at1-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/04\/30\/enbd-reopens-at1-market\/","title":{"rendered":"ENBD reopens AT1 market"},"content":{"rendered":"

Emir<\/strong>ates NBD just reopened the regional AT1 mark<\/strong>et<\/strong>, after successfully pricing its USD 750 mn issuance at 50 bps tighter than its initial guidance, according to a press release<\/a>. The move marked the first re-entry by a GCC player into debt markets since the war began and saw pricing tighten to 6.25% from initial price point guidance of 6.75%<\/a>. The six-year, non-call notes will be listed on Euronext Dublin and Nasdaq Dubai.<\/p>\n

Demand is still there: <\/strong>The issuance saw orders of more than three times the issuance size, with demand coming from the Middle East, Asia, Europe, and the UK. The broad-based investor interest and demand size signal confidence in UAE capital markets, during an otherwise quieter-than-usual period<\/a> that has seen some names slip into distressed territory<\/a> on the credit front. Subscription to the riskiest layer of bank capital debt in the event of liquidation also points to confidence starting to return<\/a> when it comes to investment-grade names, despite the regional uncertainty.<\/p>\n

ENBD has been securing debt for some time now<\/strong>, closing a USD 2.25 bn syndicated loan a few weeks ago<\/a>, in addition to raising USD 325 mn from private markets<\/a>, and issuing green bonds in both January<\/a> and February<\/a>.<\/p>\n

More widely<\/strong>, the first quarter of this year has been marked by muted debt markets<\/a>, with regional bond issuance down 12% y-o-y to USD 48.1 bn following the outbreak of the war. Still, Abu Dhabi has been turning to private markets to secure some USD 2.5 bn in debt in the past weeks<\/a>, and we also covered reports that GCC governments and state-linked entities borrowed over USD 10 bn<\/a> from Pimco.<\/p>\n

ADVISORS- <\/strong>Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, Citi, Barclays, HSBC, and JP Morgan were joint lead managers and bookrunners. Linklaters was dealer counsel, and Clifford Chance acted as issuer counsel.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pricing tightened by 50 bps and saw orders for over 3x the offering<\/p>\n","protected":false},"author":1,"featured_media":116329,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[1391,68,260,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-116328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-emirates-nbd","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"d2f31310-5c43-4579-95ec-353af8d71ec6","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/4\/1580.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ENBD reopens AT1 market","related_issue":[116316],"teaser":"Pricing tightened by 50 bps and saw orders for over 3x the offering"},"yoast_head":"\nENBD reopens AT1 market - 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