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. |
Bahrain Middle East Bank made a USD 13mn full repayment of a loan obligation including a USD 1.4mn interest payment taking total repayments by the troubled lender to USD 43mn, the bank said in ... more
The GCC economies remain insulated from economic and political turbulence in the MENA region and globally but structural challenges continue to constrain sovereign ratings, ratings agency ... more
The value of mergers and acquisitions announced in the MENA region increased 42% y/y to USD 44.8bn in 2012 despite a mild 4% retreat in number of deals to 398, according to a report by Ernst ... more