The National Bank of Abu Dhabi-Paris (NBAD-Paris) has launched a 1 billion euro French Certificate of Deposit (CD) program which offers greater diversification to institutional investors and corporate treasuries.
The multi-currency CD is issued under the STEP (Short Term European Papers) label, giving the program eligibility as collateral for European Central Bank operations. The CD, which is offered in euro, British pounds, US dollars and Swiss francs, is a short-term program with a maturity of up to 365 days.
"This CD program expands NBAD-Paris’ range of products to our core clients who are major corporate companies and investors” says Fadi Halout, the General Manager of NBAD-Paris. “As NBAD-Paris continues to expand our client base, we are introducing innovative products and services to meet the increasing demands and needs of our clients.”
The maximum amount to purchase under this program is 1 billion euro. The interest rate depends on maturity period (from 1day to 1 year), and the currency it is issued under. The rate would be aligned with other short-term papers issued by NBAD, such as Euro-CP or London CD.
"This CD program offers geographical diversification to French investors who also appreciate NBAD’s top rating and safety," says Reynald Nicod, the Treasurer at NBAD-Paris.
NBAD has been ranked by Global Finance one of the World’s 50 Safest Banks since 2009. The Bank is rated senior long term/short term A+/A-1 by Standard & Poor's (S&P), Aa3/P1 by Moody’s, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any Middle Eastern financial institution.
NBAD-Paris was launched in 1979. It is part of NBAD’s international network, which spans 19 countries across five continents from the Far East to Americas.