NBAD issues first Uridashi bond

Abu Dhabi, Feb 28, 2013 (WAM) - The National Bank of Abu Dhabi (NBAD) has launched a 15-year Uridashi bond worth US$16.6 million (Dh 60.1 million), which is the first of its kind from the Middle East and North Africa (MENA) region and allowed NBAD to directly access Japanese retail investors. This issue follows the first ever Samurai bond by a Middle Eastern financial institution which NBAD issued in 2011. Uridashi notes are foreign-denominated bonds sold to retail investors. Being denominated in foreign currencies may afford investors higher interest rates than yen-denominated bonds. This latest note, denominated in Mexican peso (MXN), is distributed in Japan under NBAD's recently established shelf registration in Japan. NBAD is rated senior long term/short term A+/A-1 by Standard '&' Poor's (S'&'P), Aa3/P1 by Moody's, AA-/F1+ by Fitch and A+ by Rating and Investment Information Inc (R'&'I), giving it the strongest combined rating of any Middle Eastern financial institution. Moreover, since 2009, the prestigious Global Finance has rated NBAD in its World's 50 Safest Banks, and is the highest ranked Middle East bank in the list. - Emirates News Agency, WAM