ABC EMTN priced, NBAD issue approved

02 December 2005
The first drawdown of $400 million on the euro medium-term note (EMTN) programme of Arab Banking Corporation (ABC) was launched in mid-November. Citigroup and HSBC were the lead managers.
The first drawdown of $400 million on the euro medium-term note (EMTN) programme of Arab Banking Corporation (ABC) was launched in mid-November. Citigroup and HSBC were the lead managers.

The five-year paper was priced at 49 basis points (bp) over Libor with a coupon of 45 bp. Fulfilling the programme's aiming of diversifying funding sources, 65 per cent of subscription came from outside the Middle East, of which about 42 per cent came from Europe and 23 per cent from Asia.

Roadshows have been completed in Asia and Europe on the first drawdown of a $1,000 million EMTN programme by National Bank of Dubaiand the bond will be issued by the end of November. The five-year issue will be of benchmark size and is being jointly arranged by Bank of Americaand HSBC (MEED 18:11:05).

Shareholders in National Bank of Abu Dhabi(NBAD)on 22 November approved plans for a $5,000 million EMTN programme and the notes have been assigned an A/A1 long and short-term senior unsecured debt rating by Standard & Poor's. Roadshows will be launched imminently. Credit Suisse First Boston is arranging the overall process and will jointly manage the first drawdown with Barclays Capital(MEED 4:11:05).

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications