Dentons advises FAB on AED 1 billion MENA-first digitally native green bond

Dubai/London -Dentons, the world's largest global law firm, has advised First Abu Dhabi Bank PJSC (FAB) on its issuance of AED 1 billion 5.750 per cent. Digitally Native Green Notes due 2029 under its US$30 billion Euro Medium Term Note Programme.

The AED-denominated transaction is the first digitally native green bond from the Middle East and North Africa region, bringing together digital capital markets infrastructure and sustainable finance in a single issuance.

The three-year green notes were issued and settled through Euroclear's Digital Financial Market Infrastructure (D-FMI), which uses distributed ledger technology to facilitate the issuance and settlement of digitally native securities, while retaining established international bond market conventions, including Regulation S issuance and T+2 settlement. The proceeds will be used to support eligible green projects in accordance with FAB's sustainable finance framework.

Victoria Wyer, Debt Capital Markets partner at Dentons, commented: "This is a genuinely innovative transaction, combining an AED-denominated digital issuance with green financing. It represents another important development for the region's debt capital markets and we are delighted to have supported our client."

The notes are rated AA-/Aa3/AA- by Fitch, Moody's and S&P, respectively, and are expected to be listed on the Abu Dhabi Securities Exchange (ADX). Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, Industrial and Commercial Bank of China (Asia) Limited and Standard Chartered Bank acted as Joint Lead Managers.

The Dentons team was led by Dubai partner Victoria Wyer, with assistance from associates Kellie Diggin and Tom Day, and additional advice from managing practice development lawyer David Ferris and Dubai-based financial regulatory partner Ahmed Butt.

The transaction reflects Dentons' continued investment in its Middle East debt capital markets and structured finance capabilities, including the recent expansion of its Dubai-based practice with partners Victoria Wyer and Peter Cullen, further strengthening the firm's regional offering across conventional and Islamic finance.

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