Register for our free newsletter

 
 
Latest News

Abu Dhabi’s NBAD prices 5-year $750M bond

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



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)



Tags: , , , ,

Leave a Comment