ADCB Issues MYR Bonds for 750 Million
Abu Dhabi Commercial Bank PJSC ("ADCB") has closed its maiden bond issue in Malaysia. The books opened and closed yesterday. Based on the very strong level of investor demand, the trade was upsized to MYR 750 Mio from the initial launch size of MYR 500 Mio.
The bonds are rated AAA by RAM Ratings, the highest long term financial institution ratings available from the independent rating agency based in Malaysia.
Mr. Kevin Taylor, Group Treasurer, ADCB, stated "ADCB is delighted by the strong demand and confidence Malaysian investors have placed in ADCB which has been reflected in the trade's size being increased. The nexus between the two countries is reflected in the institutional confidence in each country for reciprocal risk."
Mr. Taylor further commented that "The bonds priced significantly tighter than ADCB's comparable USD benchmark bonds currently trading in the market which is a very positive result for an issue of this size. Spreads for Middle East issuers have contracted considerably since early 2010, particularly in Asia, and this would be a good sign for global markets issuers as and when they start targeting global markets for debt funding."
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- Show me the money: Lebanon addresses bank transfer delay problems
- Swiss Leaks revisited: Strong Egyptian presence in banking scandal
- Saudi market plans IPO in 2018
- Understanding the ripple effect: 8 reasons the US economy has slowed down in Q1 of 2015
- Gulf Investment Corporation, Kuwait issues MYR750 million Five Year Sukuk under its 20-year MYR3.5 billion Sukuk Wakalah bi Istithmar Medium Term Notes Programme
- Gulf Investment Corporation GSC, Kuwait issues MYR750 million five year Sukuk
- NBAD Issues 500 Million Malaysian Ringgit Sukuk
- NBAD issues 500 Million Malaysian Ringgit Sukuk