UAE's NBAD bank sells $850 mln 5-yr bonds

National Bank of Abu Dhabi NBAD.AD, the United Arab Emirates' second largest lender by assets, said on Friday it had sold $850 million five-year bonds, the first dollar international benchmark sale by a Gulf lender since 2007.

The bond was priced at 99.717 with a 4.5 percent semi-annual fixed coupon to yield 228 basis points over U.S. treasuries, the bank said in a statement.

The order book was oversubscribed 4.8 times with 284 orders and investor distribution was diversified with 71 percent of the paper placed outside the Middle East and North Africa region.