January 5, 2017 / 1:50 PM / 2 years ago

National Bank of Abu Dhabi issues $885 mln Formosa bond

DUBAI, Jan 9 (Reuters) - National Bank of Abu Dhabi (NBAD) raised $885 million through the sale of a 30-year Formosa bond in January, it said on Monday.

The issue, which was placed with institutional investors, follows NBAD’s inaugural $696 million public Formosa bond in October, the first 30-year Formosa bond from the Middle East and North Africa.

Formosa bonds are sold in Taiwan by foreign issuers and denominated in currencies other than the Taiwanese dollar.

NBAD said the issuances are part of the bank’s strategy to diversify its funding by tapping investors in new parts of the world. (Reporting by Tom Arnold; editing by Jason Neely)

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