NBAD's fixed-rate notes wins Deal of the Year Award
- United Arab Emirates: Thursday, February 04 - 2010 at 10:35
- PRESS RELEASE
The National Bank of Abu Dhabi (NBAD) won the Deal of the Year Award from EuroWeek for its $850m fixed-rate notes launched last year. The five-year Medium Term Note launched under NBAD's European Medium Term Note (EMTN) programme represented the first US dollar-denominated international public transaction by a GCC Financial Institution since 2007, which has successfully established a benchmark and a new pricing reference for GCC financial institutions, diversified its investor base, and lengthened the average maturity of its funding.
Euroweek, a London-based weekly newspaper covering the global capital markets, voted NBAD the Deal of Year Award in its Emerging Market Award Poll 2009 for the transaction, which NBAD completed in September 2009.
"NBAD's story and progress is tightly linked to Abu Dhabi's and of the UAE as a whole. This recognition by respected international trade publication helps cement the importance of Abu Dhabi and the United Arab Emirates in global finance," said Mr. Michael Tomalin, NBAD's Group Chief Executive.
"NBAD's vision is to be the most recognised Arab Bank. Winning this prestigious award encourages us even further to leave no stone unturned in meeting and surpassing the expectations of our customers and stakeholders to be the Number One Arab Bank," he added.
The success of the deal was a result of the effective strategy put in place by NBAD. It also reflects international investors' interest in the Abu Dhabi vision 2030 and in NBAD. NBAD enjoys one of the highest credit ratings assigned to a Middle Eastern bank and is ranked amongst the World's 50 Safest Banks by Global Finance.
The five-year note was priced at 99.717 with a 4.5% semi annual fixed coupon to yield 190bps over mid swaps and 228bps over US Treasury respectively.
"When we were on the road, we were selling the Abu Dhabi story" said Mr. Mahmood Al Aradi, the Senior General Manager of NBAD's Financial Market Division. "I believe we managed to time the market well and executed our strategy of a global road-show in a seamless manner by capitalizing on the strength of our internal team and the great support we received from our mandated JLMs.
It is worth mentioning, that NBAD appointed two teams including the most senior management officials to cover Europe, Asia and the Middle East in a short timeframe.
"The NBAD's solid track record, strong business model and solid franchise were well appreciated by the investor base and this helped our objectives" Mr. Aradi said.
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