By Tali Rackner
Norfolk, Va., Oct. 10 – National Bank of Abu Dhabi PJSC priced a $621 million zero-coupon callable 30-year Formosa bond (Aa3/AA-/AA-), according to a press release.
The issue was initially targeted at a benchmark size of $250 to $300 million, but following “overwhelming support from Taiwanese investors,” it was upsized to $621 million.
Credit Agricole and HSBC acted as joint bookrunners with Cathay United Bank Co. Ltd. as co-manager. Citigroup Global Markets Inc. and NBAD acted as structuring agents.
The issue will be listed on the Taipei exchange and is expected to settle on Oct. 21.
| Issuer: | National Bank of Abu Dhabi PJSC
|
| Issue: | Formosa bond
|
| Amount: | $621 million
|
| Tenor: | 30 years
|
| Bookrunners: | Credit Agricole and HSBC
|
| Co-manager: | Cathay United Bank Co. Ltd.
|
| Structuring agents: | Citigroup Global Markets Inc. and NBAD
|
| Coupon: | 0%
|
| Pricing date: | Oct. 9
|
| Settlement date: | Oct. 21
|
| Ratings: | Moody’s Investors Service: Aa3
|
| S&P: AA-
|
| Fitch: AA-
|
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