NBAD raises $621m in Formosa bond market
· Inaugural Public Formosa for NBAD
· Largest ever Formosa from the UAE
· First 30 year Formosa Bond from the MENA region
· Issue credit rating: Aa3 (Moody's) / AA- (S&P)/ AA- (Fitch)
Abu Dhabi, UAE (9th October 2016): National Bank of Abu Dhabi P.J.S.C. (NBAD) announces the successful placement to institutional investors, of an unsecured zero coupon callable 30 year Formosa bond for a total nominal amount of $621 million. The bond will be listed on the Taipei exchange and its settlement is expected by October 21, 2016.
The issuance was initially targeted at a benchmark USD 250-300 million size but following overwhelming support from Taiwanese investors was upsized to a final amount of USD 621 million.
The issuance was the first public transaction since the merger announcement, and further demonstrates the Bank's continuing efforts to diversify the funding base by accessing new investors in new geographies.
Crédit Agricole and HSBC acted as joint book runners with Cathay United Bank Co Ltd as Co-Manager. Citi Group and NBAD acted as structuring agents.
Stephen Jordan, Group Treasurer of NBAD, said, "NBAD is extremely happy with the outcome of this transaction and to again be at the forefront of innovative issuance from the region. The overwhelming participation in this transaction clearly highlights the confidence in the creation of a larger, stronger bank through the merger of FGB and NBAD."
NBAD has one of the largest networks in the UAE, with 106 branches and cash offices and 527 ATMs/CDMs across the country. NBAD's growing international presence consists of 45 branches and offices in 16 countries stretching across five continents from the Far East to the Americas, giving it the largest global network among all UAE banks.
Since 2009, NBAD has been ranked consecutively as one of the World's 50 Safest Banks by the prestigious Global Finance magazine, which also named NBAD the Safest Bank in the Emerging Markets and the Middle East.
NBAD is rated senior long term/short term AA-/A-1+ by Standard & Poor's (S&P), Aa3/P1 by Moody's, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any Global financial institution.
A comprehensive financial institution, NBAD offers a range of banking services including retail, investment and Islamic banking. NBAD grows strategically toward its vision to be recognised as the World's Best Arab Bank.
About Formosa Bonds
A Formosa bond is a foreign currency denominated bond issued in Taiwan by a non-domestic entity and listed in the Taipei Exchange.
For further enquiries, please contact:
Head of Investor, Media & Public Relations
Email: [email protected]
This information is provided by RNS