National Bank of Abu Dhabi plans to price a five-year dollar-denominated benchmark bond later on Thursday after securing commitments in excess of $2 billion, a senior official of the bank said.

The bonds from the second largest bank in the United Arab Emirates are likely to be priced 190 to 200 basis points over the benchmark mid-swap rate, according to IFR.

The exact size is being finalised, the official told Reuters by phone declining to be named due to confidentiality reasons.

Once finalised, it would mark the first bond sale by a financial institution in the region this year. It would also be a sign of the reopening of debt markets.

Barclays Capital, BNP Paribas and RBS are bookrunners to the deal along with NBAD.

Roadshows were held in the UAE, Germany, Switzerland, Singapore, Hong Kong and London between Aug. 31 and Sept. 2.

(Reporting by Stanley Carvalho; Editing by Firouz Sedarat and David Holmes)

United arab emirates BNP Paribas Investment