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Thu 22 Sep 2016 12:38 PM

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UNB mandates banks ahead of potential bond issue

Bank said investor meetings would take place in Asia, the Middle East and Europe and will start shortly

UNB mandates banks ahead of potential bond issue

Union National Bank (UNB), 50 percent owned by the Abu Dhabi government, said on Thursday it had mandated six banks as joint lead managers and bookrunners to arrange a series of meetings with fixed income investors.

It said a senior unsecured bond issue under the bank's euro medium term note (EMTN) programme may follow, subject to market conditions.

The mandated banks were Australia and New Zealand Banking Group, Commerzbank, HSBC Bank Middle East, Mizuho International, National Bank of Abu Dhabi and Standard Chartered, it said in a statement.

The investor meetings would take place in Asia, the Middle East and Europe and will start shortly, it added.

Citing sources, Reuters reported in August that UNB was in talks with banks about issuing a potential benchmark-sized bond. Benchmark-sized is usually taken to mean at least $500 million.

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