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Norton Rose Fulbright advises lenders on Emirates NBD’s debut loan

Global law firm Norton Rose Fulbright has advised the book-runners and mandated lead arrangers on a US$1.75bn ESG-linked credit facility to Emirates NBD Bank PJSC (ENBD), involving a syndicate of leading international banks. This is ENBD’s debut ESG-linked loan and one of the region’s first sustainability-linked loans.

Bank of America and Emirates NBD Capital Limited were appointed as Global Coordinators and Sustainability Coordinators and ING Bank NV and HSBC Bank Middle East Limited were appointed as the Sustainability Advisors.

Evidencing its commitment to measurable environmental, social and governance (ESG) goals, ENBD has added sustainability metrics including gender diversity in senior management roles and water conservation to the pricing of its loan. The Norton Rose Fulbright team assisted with the review of the ESG performance requirements, advising the Mandated Lead Arrangers, and incorporating the ESG KPIs into the loan documentation.

The Dubai-based Norton Rose Fulbright team was led by banking and finance partner Nicholas Robinson, with advice on the ESG side from partner Louisa Lynch, head of Norton Rose Fulbright’s sustainability practice in the Middle East region. They were supported by associate Noren Bhulji.

Nicholas Robinson commented: “We are proud to have advised the lenders to Emirates NBD on this landmark ESG-linked credit facility, and expect this type of loan will be the first of many for the region as the world looks towards more sustainable financing options. Promoting sustainable finance ahead of 2030 is a $1.5 trillion focus for Bank of America, and this loan helps the bank work towards its aims to create a greener economy through lending, capital raising, advisory and investment services to help low-carbon and other sustainable businesses.”

Louisa Lynch added: “ESG continues to grow in importance for organisations, with 2021 seeing more and more businesses putting proper measurable objectives in place to track their ESG performance. This is a milestone for the region, and ENBD is truly market-leading in its efforts to track and add meaning to the strides it’s making in gender diversity and water conservation.”

Norton Rose advises consortium of banks on $500m bond issuance

Global law firm Norton Rose Fulbright has advised Australia and New Zealand Banking Group Limited, Citigroup Global Markets Limited, Emirates NBD Bank PJSC, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, J.P. Morgan Securities plc and Société Générale as joint lead managers on a US$500 million bond issuance by Emirates NBD Bank PJSC.

The notes are due February 2025 and were issued off Emirates NBD Bank PJSC’s $12,500,000,000 Euro Medium Term Note Programme, which was updated in July 2019 and on which Norton Rose Fulbright also advised.

The Dubai-based Norton Rose Fulbright team was led by head of debt capital markets for the Middle East, Gregory Man, with assistance from senior associate, Ganna Vlasenko.

Gregory Man commented: “We are proud to have been involved in this transaction. This deal builds on Norton Rose Fulbright’s track record of advising on notable bond transactions in the region and once again provided us with the opportunity to represent many of our leading financial institutions clients.”

About Norton Rose Fulbright

We provide the world’s preeminent corporations and financial institutions with a full business law service. We have more than 3,700 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, the Middle East and Africa.

Recognised for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through our global risk advisory group, we leverage our industry experience with our knowledge of legal, regulatory, compliance and governance issues to provide our clients with practical solutions to the legal and regulatory risks facing their businesses.

Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg.

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