UNB picks banks for potential bond, roadshows
Dubai, September 21, 2011
Abu Dhabi lender Union National Bank has picked five banks for a potential bond issue, the lender said on Wednesday, with roadshows due to commence shortly in Asia, Europe and the Middle East.
Citi, Deutsche Bank, HSBC, National Bank of Abu Dhabi and Standard Chartered were given the mandate for the bond, which will be issued subject to market conditions following investor meetings.
In July, Reuters reported UNB had mandated the same banks, with the exception of NBAD, for a potential issue.
The bond would be the first international issue from the Gulf Arab region since Abu Dhabi-based lender First Gulf Bank sold $650 million in Islamic bonds, or sukuk, at the end of July.
UNB has a $1 billion term loan maturing in December, Thomson Reuters data showed.
A pipeline of bond issues from the region has been held up by global volatility, in particular euro zone sovereign debt woes, leading borrowers to adopt a wait and see attitude and to wonder about the eventual cost.
'It is got to be a squeaky clean credit, at a concession,' said one bank analyst speaking on condition of anonymity.
UNB shares are up 12 per cent this year. – Reuters
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