UAE lender ADCB launches 500 mln ringgit bond sale
ADCB is the second bank from the emirate to issue a Malaysian currency bond this year.
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)