Latest news with #FormosaBond
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.
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)
