Gulf deals hit the market

16 September 2005
Syndication has been launched of a $750 million borrowing by Abu Dhabi Commercial Bank (ADCB). The deal, understood to be thinly priced, follows a successful first $800 million drawdown of a euro medium-term note (EMTN) programme by ADCB in June, which was priced at 35 basis points over Libor (MEED 24:6:05).

The mandated lead arrangers on the loan are Bank of America, Calyon, Deutsche Bank, JP Morgan and San Paulo IMI. Syndication is due to close in late September. In a further attempt to raise additional funds for expansion, ADCB in August announced plans to more than double capital to AED 3,900 million ($1,063 million) through a 30 per cent stock dividend and a 1:1 rights issue (MEED 5:8:05).

Barclays Capitaland Citigrouphave been appointed to arrange a subordinated debt issuance for Gulf International Bank (GIB). The deal is due to come to market by the end of the month. GIB took an $800 million, five-year syndicated loan in April (MEED 6:5:05).

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications