|08 March, 2018

Union National Bank successfully issues $500mln 5-year senior unsecured bond

This marks UNB’s return to the international debt capital markets since 2016.

Abu Dhabi, Union National Bank P.J.S.C. (“UNB”), rated A+ by Fitch (stable) and A1 by Moody's (stable) , owned 50% by the Government of Abu Dhabi and 10% by the Government of Dubai, successfully priced a USD 500mn 5-year Senior Unsecured Bond . This marks UNB’s return to the international debt capital markets since 2016.

Commencing 1st March 2018, UNB held a set of investors’ meetings in Hong Kong, Singapore and London.  Following strong investors interest, UNB decided to announce the transaction on 6th March with initial price guidance of 150bps spread area over USD 5-year mid-swap rate. On the back of strong orders from investors across the regions, UNB was able to price the transaction at a spread of 135bps over the USD 5-year mid-swap rate and a coupon of 4.00% per annum.

The final allocations were well diversified among various types of investors with 50% allocated to Middle Eastern investors, 10% to Asian investors, 18% to UK investors and 22% to European investors (exc. UK). The order book was more than two times oversubscribed which demonstrated the strong investor appetite for UNB’s credit.


ANZ, Commerzbank, First Abu Dhabi Bank, HSBC, Mizuho and Standard Chartered Bank were the Joint Bookrunners and Joint Lead Managers on the issue.

“UNB’s strong credit profile, ratings and ownership as well as the robust demand from investors for UNB’s debt issuance, reflect the confidence and trust in UNB”, the bank’s CEO Mohammad Nasr Abdeen commented.


About UNB

Established as a Public Joint Stock Company in 1982, UNB is one of the leading domestic banks in the United Arab Emirates, headquartered in Abu Dhabi. UNB offers a variety of products and services, addressing needs ranging from basic requirements of individuals to the more complex requirements of corporate entities.   

© Press Release 2018