DUBAI: National Bank of Abu Dhabi (NBAD), the UAE's largest lender by market value, plans to sell $350 million in a convertible bond offering, it said on Thursday.
NBAD has named Barclays Plc, BofA Merrill Lynch, J.P. Morgan Chase and itself to arrange the sale, the company said in a statement.
The bonds will be issued at par and are expected to carry a coupon of between 1 - 1.5 percent.
The initial conversion price is expected to be set at a premium of 30 percent above the volume weighted average price of NBAD shares between launch and pricing, the statement said.
Final terms will be announced later on Thursday. (Reuters)
