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10 December 2023

NBAD picks banks for 5-year bond

By Reuters

National Bank of Abu Dhabi (NBAD), the emirate's largest lender, has mandated four banks to arrange a five-year bond denominated in Australian dollars.

The lender has picked ANZ, Citigroup, HSBC and itself to arrange the Kangaroo bond.

NBAD, rated Aa3/AA-/AA-, issued only the second Kangaroo bond from a Middle Eastern issuer on February 28, 2013.

The bank attracted an order book of over A$1.3 billion ($1.17 billion) for a A$300 million five-year offering with a 5 percent coupon that priced 175bp wide of asset swaps and flat to its US dollar curve.

The only previous Kangaroo deal from the Middle East was in November 2006 when Emirates Bank International, rated A/A1/A, issued an A$250m fixed- and floating-rate three-year Kangaroo that met with a lukewarm response from investors.