DUBAI: National Bank of Abu Dhabi (NBAD), the largest bank in the United Arab Emirates by assets, has issued a $200 million floating rate note of two years duration, it said in a bourse filing on Monday.
The note will pay monthly interest starting on Dec. 20 at a variable margin over the one-month London interbank offered rate , it told the London Stock Exchange.
In December 2015, the lender will pay interest of 0.05 percent per annum over LIBOR. This payment will gradually increase on a monthly basis to the final payment of 0.90 percent over the benchmark in October 2017.
The bond has a put option giving the holder the right, but not the obligation, to demand early repayment of the principal from the borrower. Should this option be exercised, repayment will happen 100 days later.
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