Clifford Chance Advises ENBD on US$750M ESG Notes Offering 

Emirates NBD Bank ,a prominent banking group in the GCC in terms of total assets, has received legal advisory from international law firm Clifford Chance for its groundbreaking issuance of US$750 million inaugural ESG notes (“ESG Notes”) under its US$20,000,000,000 Euro Medium Term Note Programme. These ESG Notes were issued in compliance with Regulation S of the U.S. Securities Act of 1933 and are now listed on Nasdaq Dubai and Euronext Dublin. 

The issuance witnessed remarkable interest from investors worldwide, with orders totaling over US$1.9 billion (excluding joint lead manager interest), signifying more than double oversubscription. The proceeds from the ESG Notes will be allocated in line with ENBD’s recently established Sustainable Finance Framework (“Framework”). This framework guides investments in sustainable projects spanning a wide spectrum, including green buildings, renewable energy, energy efficiency, clean transportation, pollution prevention and control, sustainable water and wastewater management, access to essential services, affordable housing, employment generation, and programs designed to address unemployment arising from socio-economic crises, with a focus on small and medium-sized enterprise (SME) financing. 

The Framework aligns with principles outlined by the International Capital Markets Association and the Loan Market Association and offers explicit criteria for the use of funds. It is overseen by ENBD’s Sustainable Finance Committee, a body that includes members from ENBD’s Group Treasury, Group Sustainability, Risk, Legal, and subject matter experts from relevant business units. Additionally, to uphold industry best practices, ENBD has secured a ‘Second Party Opinion’ from ISS Corporate Solutions to independently validate the sustainability quality of the Framework and its alignment with the principles. 

This Framework is instrumental in aiding ENBD’s commitment to furthering the United Arab Emirates’ ambitious Sustainability Development Goals (“SDGs”), as well as the UN SDGs and the objectives laid out in the Paris Climate Agreement. 

Clifford Chance’s team comprised partner and Head of Middle East Capital Markets, Stuart Ure (Dubai), Alekhya Prakash (Counsel, Dubai, pictured left) and Nader Koudsi (Senior Associate, Dubai, pictured right).