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National Bank of Abu Dhabi issues 30-year Formosa bond

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.