National Bank of Abu Dhabi to Sell 5-Year Bonds (Update1)

National Bank of Abu Dhabi PJSC, the United Arab Emirates second-biggest lender by assets, plans to sell five-year bonds in dollars, according to a banker involved in the deal.

The notes may be priced to yield about 190 to 200 basis points more than the benchmark mid-swap rate, the banker said.

NBAD’s bond sale will be the first from a U.A.E.-based lender this year, following
the real-estate slump that increased the amount of bad debt in the banking system.