Abu Dhabi Commercial Bank ADCB

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Abu Dhabi Commercial Bank issues $540 million Formosa bond

(1/10/2018 6:11:00 AM)

Abu Dhabi Commercial Bank (ADCB), the emirate’s second-largest bank by assets, raised $540 million (Dh1.98 billion) through the sale of a Formosa bond, sources told Reuters on Tuesday.

ADCB has been among the most active Gulf banks in the Formosa market in the past year or so. Formosa bonds are sold in Taiwan by foreign issuers and denominated in currencies other than the Taiwanese dollar.

The sale, which was settled last week, was placed with institutional investors, the sources said, with Barclays arranging the deal.

The bank did not immediately respond to a Reuters request for comment. In July, ADCB raised $320 million through the sale of a five-year Formosa bond, in addition to other issues earlier in 2017 of $230 million and $750 million, respectively.

Most recently, the bank raised A$400 million ($313.5 million) in a triple-tranche “Kangaroo” bond issuance. Kangaroo bonds are issued by non-Australian issuers in the Australian market and are denominated in Australian dollars.

Gulf News