Abu Dhabi's NBAD plans "benchmark-sized" green bond issue - report

National Bank of Abu Dhabi (NBAD) intends to initiate an investor roadshow to issue a benchmark-sized green bond, Reuters said on Thursday, citing sources familiar with the matter.

The informed people did not disclose the exact size of the five-year issue, but the news agency noted that benchmark-sized generally means at least USD 500 million (EUR 443m). According to the sources, it would be the Middle East's first green bond.

NBAD has picked Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi, Credit Agricole, Citigroup and HSBC to arrange the transaction, the report says.

The bank, which is in the process of merging with Abu Dhabi-based competitor First Gulf Bank, said in January it plans to provide and facilitate a total of USD 10 billion of financing for environmentally sustainable projects within the next 10 years.

(USD 1.0 = EUR 0.885)

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