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NBAD launches first Kangaroo Bonds
The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, on Thursday closed its inaugural Kangaroo bond with a coupon rate of 5% and face value of AU$300 million (US$308 Million; AED1.131 Billion).
The final order book was more than four times oversubscribed.
“The launch of this landmark transaction reflects NBAD’s clear commitment to engage with new investors in new markets and geographies which will help to support the Bank’s growth aspirations over the coming years,” said Stephen Jordan, the Group Treasurer of NBAD.
NBAD’s Kangaroo Bond followed this week’s inaugural Uridashi 15 year bond worth US$16.6 million.
“This is a fantastic transaction for NBAD and further reflects our committed strategy of implementing a truly global debt platform. With ongoing access to numerous markets we ensure not only diversification of our investor base but also economic efficiency. The economics of this trade allowed us to gain access to new investors in new geographies with no net new issue premium at all,” added Mr. Jordan.
The bond received strong interest from Australian domestic investors. Investors in the bond consisted of 57% asset managers, 15% private banks, 14% banks, 7% insurance companies, and 7% central banks. Geographically, 54% of investors in the bond are from Australia, 41% from across Asia; and 5% from Europe.
The note was offered under NBAD’s AU$2 Billion Australian and New Zealand Debt Issuance Program.
Joint book runners on the Kangaroo Bond were Australia and New Zealand Banking Group Ltd, Bank of America Merrill Lynch and NBAD.
NBAD is rated senior long term/short term A+/A-1 by Standard & Poor’s (S&P), Aa3/P1 by Moody’s, AA-/F1+ by Fitch and A+ by Rating and Investment Information Inc (R&I), giving it the strongest combined rating of any Middle Eastern financial institution. Moreover, since 2009, the prestigious Global Finance has rated NBAD in its World’s 50 Safest Banks, and is the highest ranked Middle East bank in the list.
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