UAE’s ADCB Picks Banks For 5-Yr Benchmark Bond

Abu Dhabi Commercial Bank aims to price a benchmark-sized five-year bond on Monday after releasing initial price guidance for the dollar-denominated trade, a document from lead arrangers said.

The transaction, for which books have already opened, is initially earmarked to price at between 150 and 155 basis points over midswaps, the document said.

ADCB, Abu Dhabi’s third-largest lender by market value, has chosen Bank of America-Merrill Lynch, Barclays, ING and JP Morgan Chase to arrange the transaction.