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ADCB To Price $500m Floating Rate Note

ADCB To Price $500m Floating Rate Note

The transaction will price at 130 basis points over the three-month London interbank offered rate.

Abu Dhabi Commercial Bank will sell on Tuesday a $500 million floating rate note due January 2017, a document from lead managers said.

The transaction will price at 130 basis points over the three-month London interbank offered rate (Libor), 5 bps tighter than guidance announced earlier in the day.

Leads said in an update at around 1215 GMT that investors had submitted bids worth more than $900 million for the deal.

Deutsche Bank, JP Morgan Chase and Standard Chartered are the arrangers of the offering, the bank’s first public debt sale since a $300 million subordinated bond completed in May.

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