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Magic circle firms advise on bond launch
London-based global law firms Clifford Chance and Allen & Overy are advising the National Bank of Abu Dhabi on a $750 million five-year bond, according to ALB's The Brief magazine.
Abu Dhabi: Islamic finance work recovering
Sources familiar with the arrangement suggested the frontrunners on the deal include Barclays, HSBC and UBS as well as the NBAD – the largest bank by market value in the United Arab Emirates. Both magic circle firms also advised Dubai lender Emirates NBD on its Chinese yuan bond earlier this year, with the 750 million bond launched at 4.875 per cent earlier this month.
NBAD, 70.5 per cent of which is owned by the state government, held investor meetings in the UK and Switzerland in February. Reports from the Bloomberg news agency show that several Dubaibased banks have sold bonds in recent months. First Gulf Bank PJSC raised $500m from five-year Islamic bonds in January while Abu Dhabi Islamic Bank also sold $500m of sukuk – Islamic bonds – in November. Also that month, Union National Bank PJSC raised $400m from five-year bonds.
NBAD, 70.5 per cent of which is owned by the state government, held investor meetings in the UK and Switzerland in February. Reports from the Bloomberg news agency show that several Dubaibased banks have sold bonds in recent months. First Gulf Bank PJSC raised $500m from five-year Islamic bonds in January while Abu Dhabi Islamic Bank also sold $500m of sukuk – Islamic bonds – in November. Also that month, Union National Bank PJSC raised $400m from five-year bonds.
