UAE’s NBAD To Price Benchmark Five-Year dollar Bond On Weds

National Bank of Abu Dhabi (NBAD) has opened order books after setting initial price guidance for a five-year dollar bond offering of benchmark size, which will price later on Wednesday, a document from lead managers said.

The lender has set initial price thoughts for the senior unsecured bond issue at 90 basis points area over midswaps, the document showed.

NBAD, owned 70 per cent by the government of Abu Dhabi, had started roadshows on Tuesday in Asia and Europe after mandating Citigroup, HSBC, Standard Chartered and itself to arrange the investor meetings.

The bond, rated AA- by Standard and Poor’s and Fitch, will be listed on the London Stock Exchange, it showed.

On Monday, NBAD announced investor roadshows and said it would issue a bond during the course of 2015 subject to market conditions.