| Kippreport.com

UAE lender ADCB launches 500 mln ringgit bond sale

August 17, 2010 9:03 by Reuters

Abu Dhabi Commercial Bank has launched a five year 500 million ringgit ($157.2 million) bond issue, it said on Monday, the second bank from the emirate to issue a Malaysian currency bond this year.

In a statement, Kevin Taylor, group treasurer of the bank, said the deal would be a good source of five year funding for the bank.

The bond issue falls under the bank’s 3.5 billion ringgit medium-term programme and is being managed by Standard Chartered Bank and RHB Investment Bank.

In June, National Bank of Abu Dhabi priced a five year ringgit denominated sukuk to tap investors in the world’s largest Islamic bond market.

ADCB posted a second-quarter loss, weighed down by hefty provisioning for bad loans and specific impairments related to indebted state conglomerate Dubai World.

(Reporting by Rachna Uppal; Editing by Dinesh Nair)

Tags: Abu Dhabi Commercial Bank bond issue, ADCB, banks Abu Dhabi, National Bank of Abu Dhabi, UAE lender