Abu Dhabi’s NBAD Becomes Gulf’s First Issuer of Green Bonds

National Bank of Abu Dhabi is selling $587 million in a class of debt used to fund environmental projects, the first issue of green bonds from a region where governments are looking to curb dependence on oil as an energy source.

The state-owned lender is offering the five-year securities at 98 basis points over the mid-swap rate, according to a person familiar with the matter who asked not to be named because the information is private. Initial guidance was for 105 bps over the benchmark.

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