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).