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National Commercial Bank (NCB)has staged the first drawdown in its euro medium-term note (EMTN) programme. The $700 million issue was lead managed by Deutsche Bankand UBS. The coupon on the five-year paper was 32 basis points (bp) over Libor and the issue price was 99.866 per cent, giving a margin of 35 bp. The total size of the programme will be $1,500 million. Fitch has assigned the notes a long-term A and a short-term F1 rating.