The first drawdown in the euro medium-term note (EMTN) programme of Abu Dhabi Commercial Bank (ADCB) was priced on 20 June at 35 basis points (bp) and was increased in size to $800 million from the $500 million originally envisaged. The five-year issue was lead managed by BNP Paribasand HSBC(MEED 10:6:05).About 28 per cent of the paper was sold into Asia, 29 per cent into the Middle East, 23 per cent into continental Europe and 20 per cent into the UK. Banks accounted for 86 per cent of orders, funds and asset managers for 9 per cent and central banks for about 1 per cent with a small proportion sold to other types of investor. The note was the tightest priced to come out of the GCC, excluding Saudi Arabia. The next EMTN to hit the road will be the first drawdown in a recently announced $1,500 million programme for Union National Bank (UNB), with presentations beginning on 23 June. UNB has mandated Citigroupand HSBC to arrange the issue, which will be of a benchmark size of about $500 million. A $500 million, five-year EMTN issue by the Islamic Development Bank (IDB) was priced in mid-June at 12 bp. Commerce International Merchant Bankers of Malaysia, Deutsche Bank, Dubai Islamic Bankand HSBC were the lead arrangers (MEED 3:6:05).