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Abu Dhabi bank pulls US dollar bond

ABU DHABI, September 21, 2015

Abu Dhabi Commercial Bank (A/A+) has decided not to go ahead with a US dollar-denominated bond that it began marketing on Monday, as the transaction failed to get enough traction, according to a deal lead.

"ADCB would like to thank investors for their attention but has decided not to proceed with a transaction at this time," said a statement put out by the leads.

State-owned ADCB opened the order book for the six-year bond deal at 155bp area over mid-swaps, which was expected to be benchmark-sized (in excess of $500 million).

The UAE lender bank had picked Bank of America-Merrill Lynch, Barclays, ING and JP Morgan to arrange the transaction.

The bond, being issued through the ADCB Finance (Cayman) Limited special purpose vehicle, was  to be listed on the Irish Stock Exchange, according to the document.-Reuters




Tags: abu dhabi | ADCB | Bank | dollar bond |

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