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ADCB Issues $101 Million Ringgit Bond

ADCB Issues $101 Million Ringgit Bond

Abu Dhabi Commercial Bank priced a 310 million Malaysian ringgit ($101.35 million) bond on Thursday, its third such sale in two years, as the emirate's third-largest lender by market value seeks diversified funding means.

April 28, 2012 10:26 by

The five-year deal carries a coupon of 4.30 percent, and Standard Chartered acted as sole bookrunner, IFR Markets, a Thomson Reuters unit reported.

ADCB issued its first ringgit bond two years ago. That bond, maturing in 2015, carried a coupon of 5.2 percent.

Gulf issuers are increasingly targeting options in Malaysia to diversify funding sources away from dollar financing. National Bank of Abu Dhabi and Abu Dhabi National Energy Co have also issued in ringgit in response to high demand from Malaysian investors looking to gain international exposure in local currency.  (Reporting by Rachna Uppal; Editing by Dinesh Nair)

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