Abu Dhabi Commercial Bank (ADCB), the UAE's third biggest bank by market value, will sell a USD 300mn subordinated bond on Wednesday, May 22, and has already lured more than USD 500mn in offers, Reuters reported, citing a sales update from Standard Chartered, the sole lead arranger of the transaction.
ADCB initially wanted to sell a benchmark bond which is usually worth USD 500mn. The price guidance was reportedly set at 220-225 bps over five-year midswaps, which is below the initial price guidance amid strong offers.
In February, ADCB raised USD 1.5bn from a dual-tranche USD-denominated bond issue. A USD 750mn five-year tranche earned 2.578%, or 165bps above midswaps. Another USD 750mn ten-year tranche yielded 4.61%, or 265bps above midswaps.
ADCB, which is 60%-owned by Abu Dhabi, is rated A1/A/A+ respectively by Moody's, S&P and Fitch with a stable outlook.
Abu Dhabi Commercial Bank’s net profit rose 5% y/y to AED 903mn (USD 246mn) in Q1 2013.
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