Clifford Chance Advised Emirates NBD Bank PJSC On US$500 Million Sustainability- Linked Loan Financing Notes Issuance

Clifford Chance Advised Emirates NBD Bank PJSC on US$500 Million Sustainability- Linked Loan Financing Notes Issuance

Leading global law firm Clifford Chance has advised Emirates NBD Bank PJSC (ENBD), one of the largest banking groups in the GCC, on the issuance of its inaugural $500 million 5- year senior unsecured Sustainability-Linked Loan Financing Notes (SLL Notes). The issuance was conducted under ENBD's $20 billion Euro Medium Term Note Programme and is listed on Nasdaq Dubai and Euronext Dublin.

The SLL Notes, issued under Regulation S of the U.S. Securities Act of 1933, align with ENBD’s sustainability-linked loan financing bond framework (SLL Funding Framework). This globally pioneering framework adheres to guidelines jointly published by the Loan Market Association and the International Capital Market Association. ENBD plans to allocate proceeds to finance or refinance sustainability-linked loans in accordance with the framework.

The Framework, evaluated externally by ISS Corporate Solutions, aligns with the UAE’s sustainability goals, including the 2030 sustainable finance mobilisation and the Net Zero by 2050 initiative, as well as the UN Sustainable Development Goals and the Paris Climate Agreement. An internal committee will oversee the evaluation and selection of eligible assets for the portfolio.

Clifford Chance’s legal team was led by Partner and Head of Middle East Capital Markets, Stuart Ure, alongside Senior Associate Nader Koudsi, Associate Sophie Larsen, and Mohammad Mahdi Al Kazim. Stuart Ure commented, "It has been extremely rewarding to work alongside the ENBD team on a GCC and global first-of-a-kind transaction – the success of the transaction is testament to the dedication of the ENBD team and has paved the way for other market participants to pursue similar financings."

The Issuance was supported by Joint Lead Managers, including Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, and Société Générale.

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