Abu Dhabi – Mubasher: The National bank of Abu Dhabi (NBAD) announced the successful placement of an unsecured Formosa bond for a total nominal amount of $621 million, according to a press release on Sunday.  

The 30-year zero coupon bond will be listed on the Taipei exchange and its settlement is expected by October 21, 2016.

The issuance was initially targeted at a benchmark $250-300million, but following an overwhelming support from Taiwanese investors it was upsized to a final amount of $621milion

The issuance was the first public transaction since the merger announcement, and further demonstrates the Bank’s continuing efforts to diversify the funding base by accessing new investors in new geographies.

Crédit Agricole and HSBC acted as joint book runners with Cathay United Bank Co Ltd as Co-Manager. Citi Group and NBAD acted as structuring agents.