Dubai: National Bank of Abu Dhabi (NBAD), the largest bank in the United Arab Emirates by assets, plans to meet fixed income investors from Monday ahead of a potential dollar-denominated capital-boosting bond issue, a document from arrangers showed.
The bond issue, rated six notches lower than the lender’s rating at Baa 3/BBB- by Moody’s and Standard and Poor’s respectively, will boost the bank’s Tier 1 (core) capital, the document showed.
Owned 70 per cent by the government of Abu Dhabi, NBAD mandated Citigroup, HSBC, Morgan Stanley, Societe Generale and itself to arrange the investor meetings, it said.
NBAD will meet investors in Asia and Europe, it said, adding that it would issue a bond during the course of 2015 subject to market conditions.
The bond will be of benchmark size, the document added, traditionally understood to mean the deal will be worth upwards of $500 million.
