ADCB to price $750m 5-yr bond
Abu Dhabi Commercial Bank (ADCB), the emirate’s third-largest lender by market value, has set final terms for a $750m five-year bond, which will price later, as demand among international investors for Gulf paper remains strong, Reuters has reported. The transaction will price at the tight end of revised guidance of 140-145 basis points over midswaps, according to a document from lead arrangers. ADCB has chosen Bank of America-Merrill Lynch, Barclays, ING and JP Morgan Chase to arrange its transaction. It is the bank’s first public debt trade since it printed a $500m floating rate note, due to mature in January 2017, in November.