ADCB plans five-year floating rate bonds
ABU DHABI — Abu Dhabi Commercial Bank (ADCB) is contemplating an inaugural issue of five-year floating rate bonds to be marketed to international institutional investors.
Subject to all necessary approvals, this inaugural issue would be launched within weeks. HSBC Bank plc and BNP Paribas have been mandated as co-managers of this issue.
Meanwhile, Abu Dhabi Commercial Bank is holding an extraordinary general meeting today to get its consent on a board of directors proposal to launch a Euro Medium Term Note Programme for the general corporate purposes. Under this programme, the bank would be able to issue bonds in tranches up to an aggregate value of $2.5 billion. The bonds would be listed on the Luxembourg Stock Exchange. HSBC Bank Plc has been mandated by ADCB as arrangers of the programme.