Dubai's Emirates NBD seeks up to $1 billion from Asian lenders

Summary

• Emirates NBD is seeking a syndicated loan of up to $1 billion from Asian lenders.
• The deal is a third larger than the bank's $750 million facility arranged in February.
• Gulf banks are leaning harder on Asian liquidity as regional funding needs grow.

The latest

Dubai's largest bank is back in the Asian loan market, seeking a syndicated facility of up to $1 billion, Bloomberg reported Friday, October 23, 2026. IFR reported on October 15 that the deal carries a $500 million base size with an equal greenshoe option, split across five- and seven-year tranches. Emirates NBD has not issued a statement on the transaction.

Details

• The structure: According to IFR, the facility is split into two tranches, one maturing in five years and the other in seven, with a base size of $500 million and an option to increase it by the same amount again, which would take the total to $1 billion if demand allows.
• The pricing: The five-year tranche is being marketed at 90 basis points over SOFR, while the seven-year tranche carries a margin of 110 basis points, according to IFR. SOFR is the benchmark rate that replaced dollar Libor as the reference for syndicated lending.
• The arranger: Mizuho is acting as coordinator, mandated lead arranger, bookrunner and underwriter on the transaction, IFR reported. The Japanese lender held the same coordinating role on the bank's previous Asian syndication earlier this year.
• The timetable: A virtual lender presentation is scheduled for October 29, with commitments from participating banks due by November 27, according to IFR. No signing or funding date has been disclosed.
• The use of proceeds: The borrowing is earmarked for general corporate purposes and working capital, IFR reported, rather than for a specific acquisition or refinancing target. No breakdown of the allocation has been published.
• The comparison: Emirates NBD's previous syndicated loan, closed in February, raised $750 million over seven years and drew 34 participating banks, according to IFR. At $1 billion, the new request would be roughly a third larger than that facility.
• The credit profile: Fitch rates Emirates NBD A+, placing the lender in upper-medium investment grade territory. The rating underpins the relatively tight margins being offered on both tranches of the new deal.
• The bank's silence: Emirates NBD has not commented publicly on the size, pricing or purpose of the facility, and has not confirmed whether it intends to exercise the greenshoe option that would double the base amount.

Background

Emirates NBD is Dubai's largest bank by assets and a repeat borrower in the international syndicated loan market. It has turned to Asian lenders in successive transactions this year, with Mizuho coordinating both.

Between the lines

The jump from $750 million in February to a potential $1 billion, with the same Japanese coordinator and the same investor base, points to Asian banks becoming a steadier source of dollar funding for Gulf lenders. The 34-bank participation in the earlier deal suggests the appetite exists to absorb a larger ticket, and the modest margins reflect the A+ rating.

What's next

The virtual lender presentation on October 29 and the November 27 commitment deadline will show whether demand supports the full $1 billion, or whether the deal closes at its $500 million base size.

Source: Bloomberg, IFR