ADCB sets early price talk for 2-part bond sale
Dubai, February 25, 2013
Abu Dhabi Commercial Bank (ADCB) has released early price guidance for a two-part bond offering, arranging banks said on Monday, with final pricing expected this week.
Guidance for a benchmark-sized 5-year senior unsecured bond was issued at 180 basis points over midswaps, while early price talk for a benchmark 10-year subordinated Tier 2 issue was released in the high 200 bps over midswaps area.
Benchmark-sized is typically understood to mean at least $500 million.
The bank has picked itself, Barclays, ING , JP Morgan Chase, National Bank of Abu Dhabi and RBS as joint bookrunners on the deal. – Reuters
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