Subscription came about 23 per cent from within the middle east, 26 per cent from Asia, 30 per cent from the uk and 21 per cent from the rest of europe. Roadshows were conducted in Asia and Europe in mid-late November. Bank of Americaand HSBC were the lead managers. The pricing were tightened during bookbuilding from guidance in the low 40s.

Now that NBD’s issue has cleared the market, roadshows are under way for the first drawdown of a $5,000 million EMTN programme recently approved by the shareholders in National Bank of Abu Dhabi. Credit Suisse First Boston and Barclays Capitalare the lead managers (MEED 25:11:05).

Several other EMTN issues are due to come to market in the first half of 2006, including paper from Bank of Bahrain & Kuwait, Riyad Bankand Samba Financial Group.