Commentary & Deal Flow

Guidance: 5yr: SARON MS+110/115bp

• Issuer: Emirates NBD Bank PJSC (Ticker: EBIUH)
• Issuer Domicile: United Arab Emirates
• Format: Public Fixed Rate Green Bonds
• Status: Senior Bonds, constituting direct, unconditional, unsubordinated and unsecured obligations of the Issuer
• Issuer Rating: A1 (stable, Moody's) / A+ (stable, Fitch)
• Instrument Rating (exp): A1 (Moody's) / A+ (Fitch)
• Issue Size (in mm): CHF 150mm
• Coupon: 1.845% p.a. (indicative) - will price at par
• Maturity: 5 years (13-Oct-26 until 13-Oct-31)
• Spread/Yield: SARON MS +110.0 /+115.0 // YTM 1.845% /1.895% // Govt.+130 /+135
• Lead Manager(s): UBS, BNP, EM Cap (JLNB)
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Off the issuer's U.S.$20,000,000,000 EMTN Programme
• FinSA Prospectus: Delayed prospectus approval in accordance with art. 51(2) FinSA
• Governing Law: English
• Covenants: PP, NP, XD
• SIX Listing: 09-Oct-26
• Denomination: CHF 5000
• Use of Proceeds: An amount equal to the net proceeds of the issuance is intended to finance or refinance a portfolio of eligible Green loans, financings, or investments, as outlined in the Use of Proceeds section under Green Eligible Categories of ENBD's Sustainable Finance Framework 2025
• Sales Restrictions: As set out in the base prospectus dated 08-Jul-26
• Target Market: Target market as defined by the manufacturer domiciled in the EEA (MiFID II product governance): Eligible counterparties and professional clients only (all channels for distribution), subject to applicable selling restrictions set out in the Information Statement. Public offering in Switzerland only.
• Timing: Today's business, books can close at short notice