ID :
105139
Sun, 02/07/2010 - 15:00
Auther :
Shortlink :
https://oananews.org//node/105139
The shortlink copeid
NBAD's fixed-rate notes wins deal of the year award
Abu Dhabi, Feb 7, 2010 (WAM)- The National Bank of Abu Dhabi (NBAD) won the Deal of the Year Award from EuroWeek for its US$850 Million fixed-rate notes launched last year.
The five-year Medium Term Note launched under NBAD's European Medium Term Note (EMTN) programme represented the first US dollar-denominated international public transaction by a GCC Financial Institution since 2007, which has successfully established a benchmark and a new pricing reference for GCC financial institutions, diversified its investor base, and lengthened the average maturity of its funding. The transaction book order was 4.8 times oversubscribed with a broad global range of investors.
Euroweek, a London-based weekly newspaper covering the global capital markets, voted NBAD the Deal of Year Award in its Emerging Market Award Poll 2009 for the transaction, which NBAD completed in September 2009.
"NBAD's story and progress is tightly linked to Abu Dhabi's and of the UAE as a whole. This recognition by respected international trade publication helps cement the importance of Abu Dhabi and the United Arab Emirates in global finance," said Michael Tomalin, NBAD's Group Chief Executive.
The success of the deal was a result of the effective strategy put in place by NBAD. It also reflects international investors' interest in the Abu Dhabi vision 2030 and in NBAD. NBAD enjoys one of the highest credit ratings assigned to a Middle Eastern bank and is ranked amongst the World's 50 Safest Banks by Global Finance.
The five-year note was priced at 99.717 with a 4.5% semi annual fixed coupon to yield 190bps over mid swaps and 228bps over US Treasury respectively.
"When we were on the road, we were selling the Abu Dhabi story" said Mahmood Al Aradi, the Senior General Manager of NBAD's Financial Market Division. "I believe we managed to time the market well and executed our strategy of a global road-show in a seamless manner by capitalising on the strength of our internal team and the great support we received from our mandated JLMs.
The five-year Medium Term Note launched under NBAD's European Medium Term Note (EMTN) programme represented the first US dollar-denominated international public transaction by a GCC Financial Institution since 2007, which has successfully established a benchmark and a new pricing reference for GCC financial institutions, diversified its investor base, and lengthened the average maturity of its funding. The transaction book order was 4.8 times oversubscribed with a broad global range of investors.
Euroweek, a London-based weekly newspaper covering the global capital markets, voted NBAD the Deal of Year Award in its Emerging Market Award Poll 2009 for the transaction, which NBAD completed in September 2009.
"NBAD's story and progress is tightly linked to Abu Dhabi's and of the UAE as a whole. This recognition by respected international trade publication helps cement the importance of Abu Dhabi and the United Arab Emirates in global finance," said Michael Tomalin, NBAD's Group Chief Executive.
The success of the deal was a result of the effective strategy put in place by NBAD. It also reflects international investors' interest in the Abu Dhabi vision 2030 and in NBAD. NBAD enjoys one of the highest credit ratings assigned to a Middle Eastern bank and is ranked amongst the World's 50 Safest Banks by Global Finance.
The five-year note was priced at 99.717 with a 4.5% semi annual fixed coupon to yield 190bps over mid swaps and 228bps over US Treasury respectively.
"When we were on the road, we were selling the Abu Dhabi story" said Mahmood Al Aradi, the Senior General Manager of NBAD's Financial Market Division. "I believe we managed to time the market well and executed our strategy of a global road-show in a seamless manner by capitalising on the strength of our internal team and the great support we received from our mandated JLMs.
