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."
- The cost of delivery: how to financially prepare yourself for having a baby
- Istanbul Tower: a cruel reminder of what could have been...for Greece
- An unfathomable figure: GCC banking assets set to hit $2 trillion by 2015
- Too much of a good thing? Why IPO's can result in an overly stoked UAE stock market
- Diversifying to Africa: Gulf countries to pump $30 billion into the continent