National Bank of Abu Dhabi (NBAD) has launched Dh2 billion settled floating rate subordinated convertible notes due in 2018.
The notes are being marketed to investors with a floating rate coupon, such rate and the conversion premium to be determined following a book building exercise. It will only be convertible into the ordinary shares of NBAD during the first five years after issue.
Under UAE law, restrictions on foreign ownership of entities incorporated in the UAE limit the number of shares that may be bought or held by or on behalf of persons that are neither UAE nationals nor entities those are majority owned by UAE nationals.
Unless previously purchased and cancelled, redeemed or converted, the notes are expected to mature on February 28, 2018. The proceeds of the notes will be used by NBAD for general corporate purposes. Source
The notes are being marketed to investors with a floating rate coupon, such rate and the conversion premium to be determined following a book building exercise. It will only be convertible into the ordinary shares of NBAD during the first five years after issue.
Under UAE law, restrictions on foreign ownership of entities incorporated in the UAE limit the number of shares that may be bought or held by or on behalf of persons that are neither UAE nationals nor entities those are majority owned by UAE nationals.
Unless previously purchased and cancelled, redeemed or converted, the notes are expected to mature on February 28, 2018. The proceeds of the notes will be used by NBAD for general corporate purposes. Source
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