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NBAD to raise up to $1bn with new bond

Abu Dhabi, March 14, 2010

National Bank of Abu Dhabi, the United Arab Emirate's second biggest bank by assets, will tap markets to raise up to $1 billion, an executive at the bank said on Sunday.

"The bank is looking to raise anything between $500 million to $1 billion, depending on the response," the executive said, asking not to be identified. "The roadshows are underway."    

Bank of America Merrill Lynch, HSBC, Royal Bank of Scotland, Barclays Capital and National Bank of Abu Dhabi are mandated banks. The issue is part of the bank's EMTN programme.   

In February, the bank postponed plans to issue new convertible bonds in dollars and dirhams until market conditions improve. - Reuters




Tags: abu dhabi | Bank | bond | National Bank |

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