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UNB planning to tap bond market
- United Arab Emirates: Wednesday, December 12 - 2012 at 03:51
Abu Dhabi's Union National Bank (UNB) has revealed plans to tap bond markets 'shortly' under its existing bond programme, subject to market conditions, Reuters has reported. UNB did not provide any further details on intended size of the offering, timeframe, or mandated banks to arrange the potential sale, but it last tapped global debt markets with a $400m bond maturing in 2016. Last week, Moody's affirmed UNB's rating long-term 'A1' rating, but cut the outlook to 'negative' from 'stable' on expectations that the bank's asset quality will remain under pressure over the next 12 to 18 months.
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