Arab Today, arab today nbad bonds receives 43b in bids
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NBAD bonds receives $4.3b in bids

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Arab Today, arab today NBAD bonds receives $4.3b in bids

Abu Dhabi - Arabstoday

National Bank of Abu Dhabi PJSC, the UAE’s second-biggest bank by assets, received $4.3 billion in bids for the $750 million of bonds it sold on Tuesday, according to a banker familiar with the deal. A total of 270 investors bid for the seven-year notes, the banker said, asking not to be identified because the information is private. Forty-one per cent of the buyers were from Europe, 30 per cent from Asia, 25 per cent from the Middle East and 4 per cent from the US offshore, the banker said. Fund managers bought 52 per cent of the bonds, commercial banks 19 per cent, central banks and multilateral agencies 15 per cent, private banks and hedge funds 10 per cent, insurance and pension funds 3 per cent and others 1 per cent, the banker said. NBAD’s bonds were priced to yield 3.043 per cent, or 180 basis points over the benchmark midswap rate, the banker said. The bank, rated the fourth-highest investment grade of Aa3 by Moody’s Investors Service, previously sold dollar bonds in March, raising $750 million from the sale of five-year debt. Those securities were priced at 190 basis points over the midswap rate, according to data compiled by Bloomberg.Citigroup Inc., JPMorgan Chase & Co., Standard Chartered Plc and National Bank of Abu Dhabi managed yesterday’s sale. From:Gulfnews

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