National Bank of Abu Dhabi completes $850m bond

06 September 2009

Abu Dhabi bank secures over $4bn of orders for first Middle East bank issue since 2007

National Bank of Abu Dhabi (NBAD) has completed a $850m five year bond issue, making it the first Middle East financial institution to sell a bond since 2007.

In total the deal attracted over $4bn of orders and was priced at 228 basis points above US treasuries. The UK’s Royal Bank of Scotland, Barclays Capital, France’s BNP Paribas, and NBAD itself acted as bookrunners on the deal.

Over 70 per cent of the investors in the deal were from outside the Middle East, attracted by NBAD’s strong backing by the Abu Dhabi government, it is 70 per cent owned by the government of the emirate.

Saudi Arabia-based Islamic Development Bank is also planning to issue a bond of around $500bn in September.

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