ADCB planning to launch $750m Euro bond issue

ABU DHABI — Abu Dhabi Commercial Bank (ADCB) which has ambitious plans to launch Bonds through its Euro Medium Term Note Programme amounting to a total of $2.5 billion, to raise capital for the expanding business activity, yesterday hinted to launch a $750 million Euro Bond issue within weeks.

By A Staff Reporter

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Published: Mon 13 Jun 2005, 10:36 AM

Last updated: Thu 2 Apr 2015, 4:44 PM

At the extraordinary general meeting of the Bank which was held here in the capital, shareholders gave their consent to the board of director's decision of early this month which recommended to launching a Euro Medium Term Note programme.

Later, talking to reporters, Saeed Mubarak Al Hajeri, Chairman ADCB said that purpose of the launching the Euro Bonds and other Notes is to raise capital for the Bank which has substantial stake in lending to government's infrastructure projects. He was of the view the Bank wanted to gear itself to benefit from the upcoming exciting opportunities.

"Real estate sector is the not only area we will be looking at. We believe in good mix of lending not focusing on one particular area...we have stakes in corporate and project finance, retail lendings", said the chairman.

Hajeri said that the Bank is creating an investment vehicle with a long-term view to take active part in the opportunities emerging in the emirate following the high economic growth rate.

One reason to go for the Euro Medium Term Note Programme was the excellent credit rating Bank is enjoying, and the timing is also right with market conditions favouring for such big financial activity to happen.

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