NBAD raises $1.5bn in three months in Formosa bond market

Dubai:

National Bank of Abu Dhabi (NBAD) said on Monday it has placed 30-year senior unsecured Formosa bonds to institutional investors for a total nominal amount of $885 million (Dh3.25 billion).

The transaction follows NBAD’s inaugural $696 million public Formosa bond in October last year, the first 30 year Formosa bond from the MENA region, which brings the total amount raised by the bank in Taiwan to more than $1.5 billion in three months.

These issuances are part of the bank’s ongoing strategy to ensure diversification of funding by accessing new investors in new geographies

“This transaction also highlights the efforts that NBAD has put into establishing a global debt platform, and reinforces our position as the most innovative issuer from the region,” Stephen Jordan, NBAD’s group treasurer, said in a statement.

HSBC Bank acted as lead manager and book runner, Standard Chartered Bank and Crédit Agricole as managers and book runners, with Bank SinoPac as co-manager. Société Générale and NBAD acted as joint structuring agents.