New Issue: National Bank of Abu Dhabi's $750 million five-year notes yield mid-swaps plus 178 bps

By Christine Van Dusen

Atlanta, March 18 - The National Bank of Abu Dhabi priced $750 million senior notes (expected Aa3/A+/AA-) due March 25, 2015 on Thursday to yield mid-swaps plus 178 basis points, according to a market source.

Bank of America Merrill Lynch, Barclays Capital, HSBC and National Bank of Abu Dhabi were the bookrunners for the Regulation S-only deal.

The issue, which was talked at 180 bps to 190 bps over mid-swaps, includes a change-of-control put at par if the Abu Dhabi government ceases to own through ADI Council at least 50% of the issued share capital.

Issuer:	The National Bank of Abu Dhabi
Amount:	$750 million
Maturity:	March 25, 2015
Description:	Senior notes
Bookrunners:	Bank of America Merrill Lynch, Barclays Capital, HSBC, National Bank of Abu Dhabi
Spread:	178 bps over mid-swaps
Change-of-control put:	At par if Abu Dhabi government ceases to own through ADI Council at least 50% of issued share capital
Trade date:	March 18
Settlement date:	March 25
Expected ratings:	Moody's: Aa3
	Standard & Poor's: A+
	Fitch: AA-
Distribution:	Regulation S only
Price talk:	180 to 190 bps over mid-swaps

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