Abu Dhabi Commercial Bank Picks 4 Banks For 5-Year Bond

Abu Dhabi Commercial Bank, the fourth-largest lender by market value in the United Arab Emirates, has set initial price thoughts for a benchmark five-year bond issue in the 95 basis points area over midswaps, a document from leads showed on Tuesday.

ADCB, which is expecting ratings of A/A-plus from Standard & Poor’s and Fitch, has picked Barclays, ING, JP Morgan and Mizuho to arrange the bond sale, which is expected to price on Tuesday, the document said.

The U.S. dollar bond will be issued through a special purpose vehicle incorporated in the Cayman Islands, ADCB Finance (Cayman) Ltd, and will be listed on the Irish Stock Exchange.