National Bank of Abu Dhabi launches USD 17mn Uridashi bond, MENAs first ever.

By bne IntelliNews February 28, 2013
National Bank of Abu Dhabi (NBAD), the UAE's largest lender by market value, initiated a USD 17mn fifteen-year Uridashi bond, MENA's first ever, allowing the bank to directly access Japanese retail investors, according to a statement. The papers are MXN (Mexican peso)-denominated. The transaction follows the first ever Samurai bond by a Middle Eastern financial institution which NBAD issued in 2011. The transaction will help NBAD diversify its funding base and extend the liability profile, the bank stated. Uridashi notes are foreign-denominated bonds sold to retail investors. NBAD might sell a USD 500mn convertible bond in Q2 pending shareholders' approval at a meeting set for March 12, the bank recently said.

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