January 29, 2013 / 12:32 PM / 5 years ago

UAE's NBAD seeks approval for convertible bond up to $500 mln

DUBAI, Jan 29 (Reuters) - National Bank of Abu Dhabi , the United Arab Emirates’ largest lender by market value, will discuss issuing a new convertible bond worth up to $500 million at an extraordinary general meeting set for March 12.

The bank said on Tuesday it also planned to consider increasing the size of its euro medium-term notes bond programme from $5 billion to $7.5 billion, and its Malaysian ringgit programme from 3 billion ringgit ($974 million) to 5 billion ringgit.

NBAD is proposing raising its Japanese yen programme from 40 billion yen ($442 million) to 150 billion yen.

Once approved, NBAD could tap global debt markets in various currencies and structures to take advantage of narrowing spreads which have reduced the company’s borrowing costs.

NBAD reported a 55 percent rise in fourth-quarter profit earlier on Tuesday. (Reporting by Rachna Uppal; Editing by Andrew Torchia)

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