Latest news with #ADCB
Zawya
3 days ago
- Business
- Zawya
Abu Dhabi Commercial Bank targets popular tenor: IFR
Abu Dhabi Commercial Bank sold a US$600m five-year Formosa bond at SOFR plus 100bp, in line with final price guidance. A banker on the deal said floating-rate tranches remain popular with investors, particularly bank treasuries, and that five years is considered the "sweet spot", offering a balance between what investors want to receive and what issuers are willing to pay. Korea Housing Finance Corporation and First Abu Dhabi Bank both sold five-year Formosas a week earlier, the latter paying a spread over SOFR of 97bp. Books for ADCB grew steadily throughout the day, the banker said. The issuer decided to begin marketing at final guidance and then "solve for size". The resulting US$600m was "a good size at this price". The bonds were trading 1bp tighter on Wednesday. The Reg S bonds will be rated A+/A+ (S&P/Fitch), in line with the issuer. HSBC Bank (Taiwan) and Standard Chartered Bank (Taiwan) were joint managers. Proceeds will be used for general corporate purposes.
Reuters
3 days ago
- Business
- Reuters
Abu Dhabi's Mubadala fund markets 10-year U.S. dollar Islamic bonds
DUBAI, May 28 (Reuters) - Abu Dhabi sovereign wealth fund Mubadala began taking orders on Wednesday for 10-year U.S. dollar-denominated Islamic bonds, or sukuk, fixed income news service IFR said. Mamoura Diversified Global Holding, the entity through which Mubadala taps debt markets, gave initial price guidance of around 95 basis points over U.S. Treasuries, IFR said. There has been a flurry of bond sales out of the Gulf, with issuers braving the markets despite recent turmoil set off by U.S. President Donald Trump's tariffs. Saudi oil giant Aramco raised $5 billion from a bond sale on Tuesday and the kingdom's sovereign wealth fund PIF sold $1.25 billion in sukuk earlier this month. Abu Dhabi Commercial Bank ( opens new tab, First Abu Dhabi Bank ( opens new tab, HSBC (HSBA.L), opens new tab, JPMorgan (JPM.N), opens new tab and Mizuho (8411.T), opens new tab are joint global coordinators for Mubadala's sukuk sale and are joined as bookrunners and joint lead managers by Abu Dhabi Islamic Bank ( opens new tab, Barclays (BARC.L), opens new tab and Credit Agricole ( opens new tab, IFR said. Emirates NBD Capital and ICBC are passive bookrunners.
Zawya
4 days ago
- Business
- Zawya
Mamoura US$ 10 year sukuk IPTs at T+95bp area: IFR
Mamoura Diversified Global Holding is marketing a US dollar 10-year senior sukuk at initial price thoughts of Treasuries plus 95bp area. MDGH Sukuk is the issuer while Mamoura is the obligor. The sukuk will be rated Aa2/AA (Moody's/Fitch), in line with Mamoura's Aa2/AA/AA ratings. Abu Dhabi Commercial Bank, First Abu Dhabi Bank, HSBC, JP Morgan and Mizuho are joint global coordinators, as well as joint lead managers and bookrunners with Abu Dhabi Islamic Bank, Barclays and Credit Agricole. Emirates NBD Capital and ICBC are passive bookrunners.
Zawya
4 days ago
- Business
- Zawya
Abu Dhabi Commercial Bank issues price guidance for $600mln 5-year Formosa
Abu Dhabi Commercial Bank (ADCB) has launched a $600 million 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)
Zawya
5 days ago
- Business
- Zawya
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)
