The five-year issue claimed the distinction of overtaking the National Bank of Dubai’s $750 million issue one week earlier to become the largest ever bond from a financial institution in the region, as well as achieving the tightest spread, 32bp over Libor, from the Middle East for this maturity. The National Bank of Dubai’s had been the previous tightest at 39bp.
Bankers are hopeful that 2006 will see even bigger transactions coming to market. NBAD’s issue was the first from their newly arranged EuroMTN programme, which has a total size of $5 billion.
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