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Friday December 17, 2010

National Bank of Abu Dhabi issues RM500mil sukuk

DUBAI: The National Bank of Abu Dhabi (NBAD) has issued its second sukuk in Malaysia worth RM500mil.

The offering received strong investor demand despite the challenging year-end timing and was more than two times oversubscribed, the bank said in a statement.

It was issued under NBAD's ringgit medium term notes programme. The 10-year issue came six months after NBAD's first ever sukuk issuance.

According to NBAD, the latest transaction had a strong distribution across a wide investor base with a breakdown of fund managers (33%), insurance companies (27%), financial institutions (10%), and other corporations (30%).

NBAD said the sukuk issuance was a specifically-designed format of financing that met the strict investment guidelines of some of the Islamic asset managers and pension funds based in Asia.

We managed to secure a very healthy order book in excess of RM1bil, which is remarkable, considering that many investors were already closed for the year and this was a 10-year issue, said Stephen Jordan, general manager of Liquidity Management and Interest Rates Products Group at NBAD.

Ranked as one of the top 50 safest banks in the world, NBAD currently operates across 13 countries on four continents. - Bernama

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