ADCB raises $1.5bn through dual-tranche bond
London, February 27, 2013
Abu Dhabi Commercial Bank (ADCB) has raised a combined $1.5 billion through the placement of a rare dual-tranche bond offering made up of senior and subordinated notes.
The lender priced at $750 million 2.50 per cent five-year senior unsecured bond at a re-offer price of 99.636 to yield 2.578 per cent, or 165bp over mid-swaps and a $750 million 4.50 per cent 10-year subordinated bond at a reoffer price of 99.127 to yield 4.61 per cent, or 265bp over mid-swaps.
The senior notes are expected to be rated A/A+, while the subordinated notes are likely to be rated A-/A.
Abu Dhabi Commercial Bank, Barclays, ING, JP Morgan, National Bank of Abu Dhabi and RBS are the leads on the Reg S-only transaction. – Reuters
More Finance & Capital Market Stories
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project