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Abu Dhabi injects AED4 billion into NBAD.

Byline: news@cpifinancial.net (Staff Writer)

Chief Executive of NBAD, Michael Tomalin said, "This would take our Tier 1 ratio as at 31 December 2008 to 16 per cent. NBAD's combined capital ratio after the addition of this non cumulative perpetual capital instrument, which is callable by the issuer, would become 18.7 per cent as at 31 December 2008 giving us one of the strongest capital ratios amongst global banks."

The notes will bear interest at a fixed rate of 6 per cent per annum payable semi-annually in arrears from (and including) the issue date for a period of five years, and thereafter at a floating rate, reset and payable semi-annually in arrears, reflecting the initial margin above the then prevailing six-month Emirates Interbank Offered Rate (EIBOR). The Notes are non-voting, non-cumulative perpetual securities, and are callable subject to certain conditions.

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Publication:CPI Financial
Date:Feb 8, 2009
Words:156
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