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

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