The National Bank of Abu Dhabi (NBAD) issued $20 million in a landmark 25 year private placement under its $5 billion Euro Medium Term Note (EMTN) programme.

Standard Chartered Bank is acting as sole bookrunner for the placement, said the UAE based bank in a statement.

The $20 million private placement will be due in 2036 and represents the longest tenor bond issuance by a GCC Bank as well as the longest tenor “Regulation S” bond issuance by any GCC entity, said a statement from NBAD.

The success of the transaction, which carries a fixed coupon rate of 4.80 per cent per annum, is a testament to NBAD’s established corporate profile in the global bond markets and Standard Chartered’s unique placement capabilities, it stated.

The private placement also demonstrates the strong investor acceptance of NBAD’s credit profile in times of extreme market volatility and reinstates the bank’s successful strategy of diversifying its funding sources and extending its liability profile at attractive funding levels, it added.-TradeArabia News Service