AED 2 billion bond issue for ADCB by Standard Chartered
Standard Chartered has successfully arranged an AED 2 Billion capital markets transaction, on a sole basis, for Abu Dhabi Commercial Bank (ADCB) as a tranche off their EMTN programme.
Standard Chartered built the order book, using its extensive banking experience and local knowledge to steer through difficult market conditions.
The two year Notes have been well distributed, with Middle Eastern investors taking 60% and non-Middle Eastern investors taking 40% of the issue.
In 2007, prior to this transaction, SCB had already arranged reverse enquiry trades, with varying maturities, totalling over AED 2 Billion for ADCB. This is in addition to the benchmark seven year fixed rate AED issuance arranged for ADCB in late 2006.
"It is very encouraging to see that the trade was priced similar to the pricing for a comparable rated European Bank for the same tenor," Eirvin Knox CEO, ADCB said. "This is clearly reflective of the investors' continued confidence in the performance of Middle Eastern Banks," he added.
Commenting on the transaction, Gilles Franck, Regional Head of Capital Markets, Standard Chartered Bank expressed profound happiness on the partnership agreement. "We are delighted to partner with ADCB to arrange this financing. Its successful closing is further proof that ADCB is an issuer that responds pragmatically to market openings and a credit well liked by investors," he said. Source
Standard Chartered built the order book, using its extensive banking experience and local knowledge to steer through difficult market conditions.
The two year Notes have been well distributed, with Middle Eastern investors taking 60% and non-Middle Eastern investors taking 40% of the issue.
In 2007, prior to this transaction, SCB had already arranged reverse enquiry trades, with varying maturities, totalling over AED 2 Billion for ADCB. This is in addition to the benchmark seven year fixed rate AED issuance arranged for ADCB in late 2006.
"It is very encouraging to see that the trade was priced similar to the pricing for a comparable rated European Bank for the same tenor," Eirvin Knox CEO, ADCB said. "This is clearly reflective of the investors' continued confidence in the performance of Middle Eastern Banks," he added.
Commenting on the transaction, Gilles Franck, Regional Head of Capital Markets, Standard Chartered Bank expressed profound happiness on the partnership agreement. "We are delighted to partner with ADCB to arrange this financing. Its successful closing is further proof that ADCB is an issuer that responds pragmatically to market openings and a credit well liked by investors," he said. Source
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