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The transaction is the first-ever global offering by a GCC bank, an ADCB Press statement said .
“The issue will consist of bonds at a fixed coupon of 4.75 per cent per cent per annum, representing 262.5 base points, or bps, over US Treasuries, and they will mature on October 8, 2014,” the ADCB statement said quoting CEO Ala’a Eraiqat. “The issue is the outcome of a very positive response to ADCB’s recent investor presentations in Hong Kong, Singapore and London, among other international financial centers,’’ he said.
“We believe investors’ positive reception was attributable to ADCB’s willingness to adopt the rigorous international transparency and disclosure required by global debt capital markets. This step by ADCB will help to steer other UAE companies to adopt the same rigorous standards of transparency and disclosure standards and help to build international confidence in UAE issuers,” Eraiqat said.
Eraiqat added that “the bank is very pleased with investors’ support of ADCB’s bond issuance and believes such support is a reflection of global investors’ perception of the strength of ADCB’s credit and the prospects of the UAE banking system as a whole.”
Kevin Taylor, ADCB’s Head of Treasury and Investments, said that the issue is another first for ADCB after it was the first bank in Abu Dhabi to establish and issue notes from a European medium term note programme in 2005. “ADCB remains committed to taking the lead in developing capital markets for local and regional banks,” he added.
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