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Sun 14 Mar 2010 08:02 PM

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UAE's NBAD to raise up to $1bn with new bond

Bank had postponed plans to issue new convertible bonds in dollars & dirhams in February.

National Bank of Abu Dhabi, the UAE's second biggest bank by assets, will tap markets to raise up to $1 billion, an executive at the bank said on Sunday.

The executive, who asked not to be named, said: "The bank is looking to raise anything between $500 million to $1 billion, depending on the response, the roadshows are underway."

Bank of America Merrill Lynch, HSBC, Royal Bank of Scotland, Barclays Capital and National Bank of Abu Dhabi are mandated banks.

The issue is part of the bank's EMTN programme.

In February, the bank postponed plans to issue new convertible bonds in dollars and dirhams until market conditions improve. (Reuters)

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