Business | Banking
NBAD lays groundwork for giant bond issue
Transaction could be worth at least $500m
- Bloomberg
- Published: 00:00 March 15, 2010
- Image Credit: Abdul Rahman/Gulf News archive
- According to three sources, National Bank of Abu Dhabi is to begin investor meetings this week to sell a benchmark-size bond.
Abu Dhabi: National Bank of Abu Dhabi PJSC, the United Arab Emirates' second-biggest bank by assets, will begin investor meetings this week to sell a benchmark-size bond, three bankers familiar with the plan said.
Bank of America Merrill Lynch, HSBC Holdings Plc, Barclays Capital and National Bank of Abu Dhabi are managing the sale, said two bankers, declining to be identified because the transaction has not closed.
A benchmark-size bond is usually for at least $500 million (Dh1.84 billion).
The bankers didn't disclose the terms of the bond.
Mandate confirmation
A spokesman for state-controlled NBAD could not immediately comment.
A spokesman for HSBC confirmed the mandate, declining to provide further details. A spokeswoman for Bank of America Merrill Lynch declined to comment, while a spokeswoman for Barclays Capital could not be immediately reached.
NBAD's senior unsecured debt is rated Aa3 by Moody's Investors Service, its fourth-highest investment grade, and A+ by Standard & Poor's, its fifth-best investment grade rank, according to Bloomberg data
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