The National Bank of Abu Dhabi (NBAD) has issued $ 465 million senior unsecured convertible bonds, convertible into ordinary shares of NBAD.
The offering, due in 2018, was increased from an initial amount of $ 350 million following strong demand from investors during the book-building process.
The offering received strong investor demand; it was more than three times oversubscribed with a quality order-book in excess of $ 1.5 billon, showing investor demand for NBAD’s equity story.
It has a strong distribution across a wide investor base across the UK, France, Germany, Switzerland, and offshore accounts.
The value may be increased by a further amount of up to $ 35 million in the event of exercise in full of the over-allotment option granted by NBAD to the Joint Book-runners, exercisable on or prior to June 3.
Strong demand for Abu Dhabi bank bonds
