National Bankof Abu Dhabi PJSC placed a 30-year, US$621 million Formosa bondwith institutional investors, the lender said Oct. 9.
The unsecured, zero-coupon callable issuance is the first ofits kind for the bank and the largest Formosa bond — an issuance in theTaiwanese market denominated in a currency other than the new Taiwan dollar —by any issuer from the United Arab Emirates. It is also the first 30-yearFormosa bond from the Middle East and North Africa.
The issuance was initially targeted in the range of US$250million to US$300 million but was upsized on the back of strong investordemand, the bank said.
Crédit Agricole and HSBC acted as joint book runners, withCathay United Bank Co. Ltd. as co-manager, and Citi Group and NBAD serving asstructuring agents.