The National Bank of Abu Dhabi (NBAD), the UAE's second biggest bank by assets, will tap markets to raise up to $1 billion (Dh3.67bn) by selling bonds, an executive at the bank said yesterday. "The bank is looking to raise anything between $500 million to $1bn, depending on the response," the executive said, asking not to be identified as he was not authorised to speak to the media. "The roadshows are underway," he said. 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 Euro medium term note programme. In February, the bank postponed plans to issue new convertible bonds in dollars and dirhams until market conditions improve. NBAD's senior unsecured debt is rated Aa3 by Moody's Investors Service, its fourth-highest investment grade, and A+ by Standard & Poor's, its fifth-best investment grade rank, said Bloomberg data. HSBC analysts said in a study last week that Abu Dhabi banks had significant capital levels and manageable liquidity, but their long-term profitability was still tied to the country's development plans, adding that NBAD was the best way to play Abu Dhabi banks. The bank's stocks closed 3.75 per cent, or 45 fils, higher at Dh12.35, outpacing the ADX index which gained 1.21 per cent.