Five-year bond planned by UAE's NBAD

A senior official of National Bank of Abu Dhabi (NBAD) said that the bank mulls to price a five-year dollar-denominated benchmark bond later on Thursday following securing commitments in excess of $2 billion,

According to IFR, the bonds from the second largest bank in the United Arab Emirates are expected to be priced 190 to 200 basis points over the benchmark mid-swap rate.

The official told Reuters by phone, declining to be named due to confidentiality reasons: "The exact size is being finalized."

The bond once finalized will mark the first bond sale by a financial institution in the region this year.

The bookrunners to the deal, along with NBAD, are Barclays Capital, BNP Paribas and RBS.

Between Aug 31st and September 2nd, road shows were held in the UAE, Germany, Switzerland, Singapore, Hong Kong and London.

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