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The National Bank of Abu Dhabi’s NBAD MENA Bond Fund has earned dividend income equivalent to USD 4,481,324.02 for USD share class, AED 3,281,398.62 for the AED share class and EUR 65,004.66 for the EURO share class which equates to an annualized yield of 4.84% in the USD share class, 4.82% in the AED share class and 4.43% in the EURO share class during the period from 1st October 2015 to 31st March, 2016.
Eligible investors who had successfully subscribed to the Fund by 31st March, 2016 were entitled for a semi-annual dividend distribution which equals to 2.39% for USD share class, 2.38% for the AED share class and 2.19% for the EURO share class of the net asset value (NAV) of the fund as at 31st March, 2016. Accordingly, each unit in the Fund will receive a dividend pay-out of USD 0.1150 for USD share class, AED 0.1155 for the AED share class and EUR 0.1105 for the EURO share class.
The dividend payout will be based on the payout preference selected by the investor at the time of subscription. For those who selected the re-investment option, the dividends will be reinvested on 14th April, 2016 and for those who have selected the cash payout option, the proceeds will be credited into their NBAD bank account by the 16th April, 2016.
Says Ian Clarke, Head of Fixed Income at NBAD Global Asset Management, said: “It is pleasing to be able to distribute these notable dividends at this time. The sovereign and corporate balance sheets in the GCC, where the majority of the Fund's holdings originate from, remain very sound and have enabled the Fund to cope well over an eventful six month period. It goes without saying that the lower oil prices have presented growth and fiscal challenges in the region and globally. However, the recovery in regional asset prices in recent weeks is testimony to the resilience of the economies and we remain optimistic about the prospects for the Fund, encouraged by a yield on the holdings of just below 5%.”
NBAD’s Global Asset Management manages assets in excess of AED 8.3 billion, making it one of the largest of its kind in the UAE.