United Arab Emirates

Two (2) Financial Institutions currently invest or make available an estimated USD$ 414.50 million in nuclear weapons companies.

Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank currently has an estimated USD$ 286.70 million invested or available for the nuclear weapons producers identified in this report.

Loans

In June 2011, Bechtel signed a five-year revolving credit facility with a value of US$ 2,500 million. The facility is split in two tranches: a US$ 1,550 million letter of credit and a US$ 950 million revolver. The proceeds would be used to refinance debt and for working capital purposes. Abu Dhabi Commercial Bank was part of the syndicate of 24 banks, and committed an estimated amount of US$ 75 million.1

 

In March 2010, Boeing secured a credit facility with a value of US$ 865 million, due October 2011. The proceeds were used for general corporate purposes. Abu Dhabi Commercial Bank participated as one of two bookrunners in the syndicate of 12 banks, providing US$ 300 million.2

 

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. Abu Dhabi Commercial Bank was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.3

 

In December 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010, and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps. The proceeds were used for refinancing bank debt and general corporate purposes. Abu Dhabi Commercial Bank participated in the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.4

 

In July 2010, General Dynamics secured a three-year revolving credit facility with a value of US$ 1,000 million at a base rate of LIBOR+50.000bps. The proceeds were used to refinance the loan secured in July 2009 and to provide a backup for commercial paper. Abu Dhabi International Bank, a subsidiary of Abu Dhabi Commercial Bank, participated in the 21 bank syndicate, committing an estimated US$ 37.5 million.5

 

In July 2011, General Dynamics secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+37.500bps. The facility was split in two tranches: a US$ 1,000 million tranche due July 2016 and a US$ 1,000 million tranche due July 2013, which replaced the loan secured in July 2010. The proceeds were used for refinancing and for general corporate purposes. Abu Dhabi Commercial Bank participated in the 22 bank syndicate, committing an estimated amount of US$ 78.1 million.6

 

In September 2012, Northrop Grumman secured a US$ 500 million revolving credit facility due September 2013 at a base rate of LIBOR+75.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. Abu Dhabi Commercial Bank participated in the 28 bank syndicate, committing an estimated amount of US$ 12.5 million.7

 

National Bank of Abu Dhabi

National Bank of Abu Dhabi currently has an estimated USD$ 127.80 million invested or available for the nuclear weapons producers identified in this report.

Loans

In May 2011, Rolls-Royce & Partners Finance, a subsidiary of Rolls-Royce, entered into a US$ 1,050 million term loan due May 2014. The proceeds were used for general corporate purposes. National Bank of Abu Dhabi UK, a subsidiary of National Bank of Abu Dhabi, participated in the 19 bank syndicate, committing an estimated amount of US$ 55.3 million.8

 

In March 2012, Serco secured a £ 730 million (US$ 1,159.39 million) revolving credit facility due March 2017. The proceeds were used for refinancing the company’s existing US$ 500 million and £ 400 million credit facilities and certain other bilateral facilities, and for general corporate purposes. National Bank of Abu Dhabi was part of the syndicate of 16 banks, participating with an estimated amount of US$ 72.5 million.9

 


  1. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2758129115”, Thomson ONE Banker (www.thomsonone.com), 2 June 2011.. 

  2. Thomson ONE Banker, “Tearsheet 2566490115”, Thomson ONE Banker (www.thomsonone.com), 17 March 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  3. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. 

  4. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 04 December 2011. 

  5. Thomson ONE Banker, “Tearsheet 2614271115”, Thomson ONE Banker (www.thomsonone.com), 8 July 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  6. Thomson ONE Banker, “Tearsheets 2755420115 and 2755420115”, Thomson ONE Banker (www.thomsonone.com), 14 July 2011. 

  7. Thomson ONE Banker, “Tearsheet 2886058116”, Thomson ONE Banker (www.thomsonone.com), 04 September 2012. 

  8. Thomson ONE Banker, “Tearsheet 2749948116, 2749949116 and 2749950116”, Thomson ONE Banker (www.thomsonone.com), 16 May 2011. 

  9. Thomson ONE Banker, “Tearsheet 2822928116”, Thomson ONE Banker (www.thomsonone.com), 28 March 2012. 

This page contains country specific information from the 2013 Don’t Bank on the Bomb report. It identifies which financial institutions have significant financing relationships with one or more of the 27 nuclear weapons producers.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers. They have provided various types of financial services to nuclear weapon companies. The most important are loans, investment banking and asset management.

All sources of financing provided since 1 January 2010 to the companies listed were analysed from annual reports, financial databases and other sources. The financial institutions which are most significantly involved in the financing of one or more nuclear weapon companies are shown here. See the full report for both a summary and full description of all financial institutions which are found to have the most significant financing relationships with one or more of the selected nuclear weapon companies, by means of participating in bank loans, by underwriting share or bond issues and/or by share- or bondholdings (above a threshold of 0.5% of all outstanding shares or bonds).