Abu Dhabi Lender ADCB To Price Subordinated Bond
Early price talk for the 10-year deal, which is not redeemable for five years, was released at 230 basis points over five-year midswaps.
Abu Dhabi Commercial Bank plans to raise at least $500 million from a benchmark-sized subordinated bond as early as Wednesday, the arranging bank for the deal said.
Early price talk for the 10-year deal, which is not redeemable for five years (non-call 5), was released at 230 basis points over five-year midswaps, Standard Chartered, the sole mandated arranger said.
Benchmark-sized is typically at least $500 million. Order books for the bond are open, and any eventual issue will be under the banks $7.5 billion programme.