National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-biggest bank, will raise $750 million from a sale of dollar bonds, according to three people familiar with the plan.
The five-year securities may be priced to yield 190 basis points over the midswap rate, said the people, declining to be identified because the information is private. Barclays Plc (BARC), HSBC Holdings Plc (HSBA), UBS AG (UBSN) and National Bank of Abu Dhabi are managing the offering, they said. NBAD sold $850 million of five-year notes in 2009 at a similar spread over midswaps.
National Bank of Abu Dhabi has $308 million of bonds and interest payments due this year, according to data compiled by Bloomberg. The bank continues to monitor opportunities in global markets as part of its strategy to diversify the funding base and extend maturities of its liabilities, Stephen Jordan, the state-controlled lender’s general manager of the liquidity management & interest rates product group, said on Feb. 15.
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