The bond issue would be the second from an Abu Dhabi entity in a week, after state-owned International Petroleum Investment Co. priced a bumper $3.75 billion three-tranche deal at the end of last week.

Price guidance for UNB's bond was set in the area of 287.5 basis points over midswaps. 

Citigroup, Deutsche Bank, HSBC, National Bank of Abu Dhabi and Standard Chartered are lead arrangers for the bond. 

Benchmark-sized is normally understood to be at least $500 million. 

UNB held a series of investor meetings at the end of September but volatile market conditions meant the roadshows were completed without a deal. 

The bond will be issued from UNB's $3 billion medium term notes program, and could be used to help repay a $1 billion loan which is due to mature in December.

UNB posted a 7.3 percent increase in third-quarter profit last week, helped by a surge in net interest income.

UNB shares ended 2 percent lower on Tuesday, at 2.92 dirhams ($0.795). Shares are up 5.1 percent so far this year.