Abu Dhabi Commercial Bank issues price guidance for USD REGS 5-year SOFR Formosa
Abu Dhabi Commercial Bank (ADCB) is marketing a US-dollar five-year Formosa bond, with a final price guidance of 100 basis points above the secured overnight financing rate (SOFR), with a coupon paid quarterly in arrear.
The Regulation S senior unsecured notes are rated A+ Stable (S&P) / A+ Stable (Fitch), in line with the lender's rating.
The issuance will come under the UAE's bank's $15 billion Global Medium Term Note Programme.
ADCB said an amount equal to the net proceeds from each issue will be used for the general financing purposes, or in respect of any Green Notes, to finance or refinance eligible green loans.
HSBC Bank (Taiwan) and Standard Chartered Bank (Taiwan) have been appointed joint managers.
The Formosa bond, which implies a debt instrument issued in Taiwan, will be listed on the Taipei Exchange and Euronext Dublin.
In February, ADCB raised $600 million through a five-year floating-rate Formosa bond, priced at a spread of 105bps above the SOFR.
(Writing by Bindu Rai, editing by Brinda Darasha)
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