February 27, 2013 / 9:05 AM / in 5 years

UPDATE 1-UAE lender NBAD plans Australian-dollar bond

* NBAD aims to raise at least $250 mln from Aussie bond

* Books open, sale expected to close Thursday

* NBAD, BofA, ANZ mandated for deal - IFR

* Launches $16.6 mln Uridashi bond sale

ABU DHABI, Feb 27 (Reuters) - National Bank of Abu Dhabi , the UAE’s largest lender by market value, said it plans to raise at least A$250 million from a potential sale of an Australian dollar-denominated bond.

NBAD has mandated Australia and New Zealand Banking Corp , Bank of America Merrill Lynch and itself as joint lead managers for an inaugural five-year sale, IFR, a Thomson Reuters service reported earlier .

“We don’t need the liquidity, we’re just looking for a benchmark transaction,” Stephen Jordan told Reuters on the sidelines of a financial conference in Abu Dhabi on Wednesday.

NBAD, which wants to increase its international revenue, is diversifying its funding sources and has tapped debt market in Asia frequently, aside from issuing local bonds.

Jordan added that books for the bond - known as a kangaroo bond - are open, and the response from investors has been positive. The deal is expected to close on Thursday.

Separately on Wednesday, NBAD said it launched the sale of a 15-year Uridashi bond worth $16.6 million, which is the first of its kind from the Middle East, North Africa region.

An Uridashi bond is a bond denominated in a foreign currency and sold directly to Japanese household investors.

NBAD raised a 500 million Malaysian ringgit ($163 million) Islamic bond, or sukuk, its third in the south Asian currency in November.

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