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The new bond by NBAD, the largest lender in the Gulf oil producer by market capitalisation, was priced at 178 basis points over mid swaps, two banking sources told Reuters, and was likely to set a benchmark for other UAE banks.
“It is 178 basis points, $750 million final,” one of the sources told Reuters, adding demand for the paper stood at around $3.7 billion.
The bank confirmed the size of the bond, which matures on March 21, 2015 and is part of its EMTN programme, as well as the pricing.
The bank was seeking to raise $500 million to $1 billion, an executive told Reuters this week, to fund what it described as general purposes. Guidance was set at 180-190 basis points above mid swaps, IFR Markets, a Thomson Reuters service, reported.
NBAD, rated ‘A plus’ by Standard & Poor’s and ‘Aa3’ by Moody’s, is exposed to debt-ridden Dubai World units and it said earlier this week it may book more provisions against bad loans in the first quarter.
Bank of America Merrill Lynch, HSBC, Barclays Capital and NBAD were lead managers for the bond issue.
“People have been a bit sceptical on financials. NBAD is the best name out there,” said a banker at a large international lender.
“They will set a bottom with any other financial name to come out having to pay higher than that. But it will not be NBAD setting a tone, everybody will be looking at Dubai World restructuring,” he said.
NBAD, which is 70 percent owned by Abu Dhabi’s government, last tapped the market with a similar-sized issue in September when it placed a five-year, $850 million paper with a coupon of 4.5 percent.
The yield on the bond , which matures in September 2014, stood at 4.252/3.885 percent on Thursday.
The cost of insuring five-year NBAD debt (CDS) stood at 157 basis points on Thursday , above the 104 points for the emirate of Abu Dhabi .
In February, the bank postponed plans to issue new convertible bonds in dollars and dirhams until market conditions improve. —
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