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Abu Dhabi, UAE - National Bank of Abu Dhabi (NBAD) has won Global Capital's "CEEMEA Financial Institution Deal of the Year" award for its $750 million 5.25% perpetual note which it issued in June 2015. The deal set a record for the lowest coupon ever achieved on a perpetual issue by an issuer from the Central & Eastern Europe, Middle East and Africa Region (CEEMEA).
NBAD's deal was seen as particularly successful given it was launched at a time of heightened market volatility and where western European banks were generally struggling to execute similar transactions. The deal was well supported by both Regional and International investors and ultimately approx. two thirds of the Bond were placed internationally.
At the time of announcing the award Global Capital added "NBAD has a strong record for pricing deals that perform well in the secondary market - traditionally an issue for Middle Eastern perpetuals. This deal was no exception and traded up in the secondary market after pricing at a level that rival bankers deemed fair".
Global Capital selected standout bond issues of 2015 from across the emerging market, public sector, financial institution and corporate bond markets. Selections are made based on several key criteria, including trades that will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having a longer lasting impact.
Stephen Jordan, NBAD's Group Treasurer stated "NBAD is very appreciative of Global Capital's recognition of this very successful transaction during some challenging market conditions. The transaction was very well received from a Broad range of Global Investors and it was naturally pleasing to set a record low coupon for the CEEMEA Region".
According to the financial news service, 2015 was a very disappointing year for CEEMEA bonds due to political issues in the region, falling oil prices and the threat of a hiccup from US Federal Reserve rate rises. "There were brief windows of opportunity but to use those windows, last year's borrowers in the CEEMEA region - and their lead managers - needed to be nimbler, more decisive and smarter than usual to get successful deals away", the editorial team said
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About NBAD
NBAD has one of the largest networks in the UAE, with an expanding network of 114 branches and cash offices and more than 574 ATMs across the country. NBAD's growing international network consists of about 60 branches and offices in 18 countries stretching across five continents from the Far East to the Americas, giving it the largest global network among all UAE banks.
Since 2009, NBAD has been ranked consecutively as one of the World's 50 Safest Banks by the prestigious Global Finance magazine, which also named NBAD the Safest Bank in the Emerging Markets and the Middle East.
NBAD is rated senior long term/short term AA-/A-1+ by Standard & Poor's (S&P), Aa3/P1 by Moody's, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any Global financial institution.
A comprehensive financial institution, NBAD offers a range of banking services including retail, investment and Islamic banking. NBAD grows strategically toward its vision to be recognised as the World's Best Arab Bank.
For more information please visit our corporate webpage at: www.nbad.com.
For further enquiries, please contact:
Michael Miller Fadeela Khamis
Head of Investor, Media & Public Relations Manager, Media & Public Relations
Email: michael.miller@nbad.com Email: fadeela.mohamed@nbad.com
Tel: +971 2 611 2355 Tel: +971 2 611 1511
Mobile: +971 50 619 7116 Mobile: +971 56 616 2265
© Press Release 2016
