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UAE’s NBAD tightens bond guidance further, to price Monday

August 6, 2012 4:07 by Reuters

National Bank of Abu Dhabi , the largest lender by market value in the United Arab Emirates, has further tightened price guidance for its seven-year benchmark bond issue, which is due to price later on Monday, lead managers said.

Final guidance for the dollar-denominated deal has been set at 180 basis points over midswaps, a document from the leads said, having initially been given in the area of 200 bps over midswaps before being revised to the 190 bps area.

Order books were worth more than $2.5 billion, according to an earlier update from lead managers.

NBAD mandated Citi, JP Morgan, Standard Chartered and itself for the deal, which is its second dollar-denominated bond of 2012.

(Reporting by David French; Editing by Andrew Torchia)

Tags: bonds, Dubai, emirates, NBAD, seven-year benchmark bond issue

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