Published: May 28, 2013
Three-times oversubscribed order book allows bank to increase issuance to US$465mn from US$350mn.
The National Bank of Abu Dhabi (NBAD) has raised US$465mn through issuing senior unsecured convertible bonds.
The five-year bonds are convertible into shares in the company and carry a coupon of 1%.
The bank had planned to raise US$350mn in the deal, but increased this amount after the order book was oversubscribed by three times. In an over-allotment option is granted, the amount could increase by a further US$35mn.
Investors backing the deal came from the UK, France, Germany, Switzerland and offshore accounts.
Bank of America Merrill Lynch, Barclays and JP Morgan Securities acted as joint global co-ordinators and joint bookrunners, with NBAD itself as joint bookrunner.