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.
You might also like...
Spanish firm wins $102m Saudi water design deal
28 March 2024
Riyadh maintains Vision 2030 focus
28 March 2024
Region must rethink talent acquisition
28 March 2024
L&T confirms Oman Al Namaa hospital award
28 March 2024
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.