Abu Dhabi’s NBAD prices 5-year $750M bond
National Bank of Abu Dhabi , the largest lender by market value in the UAE, priced a $750 million 5-year bond late on Monday, with a yield of 3.304 percent.
March 20, 2012 11:05 by kippreport
The bond carries a coupon of 3.25 percent, and was priced at a spread of 190 basis points over midswaps.
NBAD, 70.5 percent-owned by the Abu Dhabi government and the largest bank by market value in the UAE, held investor meetings in Switzerland and Britain in February.
The company’s preparedness allowed it to launch and price the deal within one day, sensing an acceptable window to issue.
NBAD’s bond priced substabtially tighter on a spread basis than its Qatari counterpart Qatar National Bank which sold $1 billion in 5-year bonds earlier this year at 235 basis points over midswaps.
Bookrunners on the deal were NBAD itself, along with Barclays, HSBC and UBB. (Reporting by Rachna Uppal)
More on GCC
-
Dubai ruler makes horse doping illegal
-
CEO-elect of UAE’s fraud-hit RAKBANK has quit
-
Saudi Arabia confirms another death from SARS-like virus
-
Prepaid cards available across the UAE
-
Bahrain’s Batelco CEO leaves with immediate effect
-
Arabtec Says Workers End Strike
-
First report by Etisalat covering global footprint
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
Lately on Kipp
-
Dubai ruler makes horse doping illegal
-
CEO-elect of UAE’s fraud-hit RAKBANK has quit
-
Over 90% of passwords vulnerable to hacking
-
‘Renewable energy absolutely necessary’ – Saudi
-
NEC Display Solutions launches Full HD 3D ready compact meeting room projector
-
Saudi Arabia confirms another death from SARS-like virus
