Abu Dhabi – Mubasher: The National Bank of Abu Dhabi (NBAD) said it will be conducting a series of fixed-income investor meetings in Asia and Europe starting 8 June to be arranged by Citi, HSBC, Morgan Stanley, NBAD and SG CIB, according to a bourse filing.

The largest bank in the UAE by assets and the highest-rated bank in the Middle East said it is considering issuing a benchmark dollar-denominated subordinated Tier 1 regulation S bond offering in 2015, subject to market conditions.

The bond issuance is expected to be rated Baa3/BBB- by Moody’s and S&P, NBAD added.

NBK Capital, the research arm of the National Bank of Kuwait (NBK), said on Monday it reduced the fair value (FV) of the National Bank of Abu Dhabi (NBAD) by 10% to AED 11.80 per share.

The Abu Dhabi-listed bank recently reported a net profit increase to AED 1.423 billion for the first quarter of 2014, a rise of 1% year-on-year from AED 1.41 billion and 3.7% quarter-on-quarter.

NBAD is 70% owned by the government of Abu Dhabi through the Abu Dhabi Investment Council.