Monday 18 October 2010

NBAD looks Down Under to help prop up funds

National Bank of Abu Dhabi (NBAD) is considering raising funds in Australian or New Zealand dollars in a new bond sale.

NBAD said in a statement to the Abu Dhabi Securities Exchange yesterday that it would discuss issuing medium-term notes denominated in either Australian or New Zealand dollars at a board meeting this month. The bank refused to comment on the size or details of the proposed issuance.

Last week, the Australian dollar hit parity with the US dollar, which trades at a fixed rate with the UAE dirham, for the first time in 28 years.

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