The National Bank of Abu Dhabi (NBAD) has become the first Middle Eastern financial institution to issue yen-denominated samurai bonds. But lawyers working on the deal encountered problems around determination of financial statements.
The groundbreaking issuance and public offering is worth ¥10 billion (£80 million). The bonds have a 15-year tenure to mature in 2026 and a fixed coupon rate of 2.6 %.
A samurai bond is a yen-denominated bond issued in the Japanese market by a non-Japanese company. The bonds will appeal to Japanese investors because they are subject...