Published: November 12, 2013
Abu Dhabi bank issues three-year floating rate notes.
State-owned Abu Dhabi Commercial Bank has raised US$500mn in floating rate notes. The paper, which matures in January 2017, is priced at 130 basis points over 3-month LIBOR. Middle Eastern investors accounted for 60%, European for 26% and Asian for 14%.
Books opened at the start of business on Tuesday, with Deutsche Bank, Standard Chartered and JP Morgan acting as joint bookrunners. The issuance comes under ADCB’s US$7.5bn global medium-term note programme.
The book attracted US$950mn-worth of interest in the form of 70-plus orders.