National Bank of Abu Dhabi (NBAD) has closed its inaugural kangaroo bond with a coupon rate of five per cent and face value of AUS $300 million.
The final order book was more than four times oversubscribed.
“The launch of this landmark transaction reflects NBAD’s clear commitment to engage with new investors in new markets and geographies which will help to support the Bank’s growth aspirations over the coming years,” said Stephen Jordan, the Group Treasurer of NBAD.
NBAD’s Kangaroo Bond followed this week’s inaugural Uridashi 15 year bond worth $16.6 million.
“This is a fantastic transaction for NBAD and further reflects our committed strategy of implementing a truly global debt platform. With ongoing access to numerous markets we ensure not only diversification of our investor base but also economic efficiency. The economics of this trade allowed us to gain access to new investors in new geographies with no net new issue premium at all,” added Jordan.
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