UAE Bank ADCB Tightens Pricing For Bond

The lender has earmarked to price its bond issue at 97.5 basis points over midswaps, a document showed.



Abu Dhabi Commercial Bank (ADCB) has tightened its price guidance for a benchmark-sized dollar bond of five years duration that it plans to price on Tuesday, a document from lead arrangers showed.

The lender has earmarked to price its bond issue at 97.5 basis points over midswaps, the document showed. It had set initial price thoughts in the area of 105 bps over midswaps earlier in the day.

Investors had pledged orders worth around $1.7 billion for the issue, the document said, adding the book is expected to close at 1345 GMT.

Benchmark size is traditionally understood to mean upwards of $500 million.

ADCB, owned 58.1 per cent by Abu Dhabi’s government, has picked Barclays, ING, J.P. Morgan, Mizuho and Wells Fargo Securities to arrange the transaction.