DUBAI Oct 9 National Bank of Abu Dhabi
said on Sunday it had raised US$621 million by placing
a 30-year unsecured, zero-coupon, callable Formosa bond issue
with institutional investors.
The size was increased from an initial targeted benchmark of
$250 million to $300 million after strong investor interest, it
Credit Agricole and HSBC were joint book runners with Cathay
United Bank acting as co-manager. Citigroup and NBAD acted as
Formosa bonds are sold in Taiwan by foreign issuers and
denominated in currencies other than the Taiwan dollar. NBAD
said its issue was the largest-ever Formosa bond issue from the
United Arab Emirates, and the first 30-year Formosa bond from
the Middle East and North Africa.
(Reporting by Tom Arnold; Editing by Andrew Torchia)