The two-year notes were primarily sold to Middle East investors, who brought 60 per cent of the issue. The bank admitted that conditions in the markets are currently difficult and it took extra effort by Standard Chartered, the arranger on the deal, to bring it to a successful conclusion.

The deal furthers the bank’s relationship with Standard Chartered, which also worked on ADCB’s previous transition of a similar size earlier this year, and a seven year bond deal issued in 2006.

Knox claims that the deal reflects investor confidence in the Middle East banking sector.