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NBAD launches $750 million Tier 1 bond
Owned 70 per cent by the government of Abu Dhabi, NBAD had set final guidance at 5.25 per cent.
Dubai - National Bank of Abu Dhabi, or NBAD, has launched a $750 million non-call five-year perpetual Tier 1 bond, which is set to price later on Wednesday, a document from lead managers said.
Owned 70 per cent by the government of Abu Dhabi, NBAD had set final guidance at 5.25 per cent, the document showed, at the tighter end of its previous guidance of 5.375 plus/minus 0.125 per cent.
Initial price guidance was given at around 5.375 per cent earlier in the day. The bond issue is rated six notches lower than the lender’s rating at Baa3/BBB- by Moody’s and Standard and Poor’s respectively. Citigroup, HSBC, Morgan Stanley, Societe Generale and NBAD’s own investment banking arm are arrangers of the bond transaction.
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