Abu Dhabi – Mubasher: Union National Bank (UNB) successfully priced a 5-year senior unsecured bond worth AED 2.20 billion ($600 million).
The order-book was 3 times oversubscribed, according to the bank’s statement.
UNB held a set of investor meetings in Dubai, Abu Dhabi, Hong Kong, Singapore, London and Frankfurt commencing on 25 September 2016.
“The final allocation was well diversified across 110 investors of both existing and new investors in the UNB credit, 39% allocated to Middle Eastern investors, 30% to Asian investors, 17% to UK investors, 7% to European investors and 7% to other,” the statement highlighted.
The bank was able to price the transaction at a spread of 170bps over the USD 5-year mid-swap rate and a coupon of 2.750% annually.
