Abu Dhabi Commercial Bank meets bond investors

23 September 2009

Institution tries to gauge market demand for potential bond issue

Abu Dhabi Commercial Bank is meeting international investors to ascertain market appetite for a potential bond issue by the company.

The company is meeting investors in Hong Kong, Singapore, London and Abu Dhabi, and have been arranged by Abu Dhabi Commercial Bank, Merrill Lynch, Deutsche Bank and Standard Chartered. The meetings intend to determine what tenor and pricing Abu Dhabi Commercial Bank should fix for a potential bond issue.

According to a bank statement, it had recently updated its global medium-term note programme, through which it raises money from the capital markets by issuing bonds.

Two other banks have already approached the capital markets to raise funds in September, with National Bank of Abu Dhabi raising $850m and Saudi Arabia’s Islamic Development Bank raising an $850m sukuk.

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