ADCB launches 500mn ringgit bond sale

Deal is aimed at being a good source of 'five year funding' for the bank.
ADCB launches 500mn ringgit bond sale
POSITIVE HOPE: After posting a loss in the second quarter, the deal is hoped to bring in some cheers. (Getty Images)
By Rachna Uppal
Mon 16 Aug 2010 06:45 PM

Abu Dhabi Commercial Bank has launched a five year 500 million ringgit ($157.2 million) bond issue, it said on Monday, the second bank from the emirate to issue a Malaysian currency bond this year.

In a statement, Kevin Taylor, group treasurer of the bank, said the deal would be a good source of five year funding for the bank.

The bond issue falls under the bank's $1.10 billion medium term programme and is being managed by Standard Chartered Bank and RHB Investment Bank.

In June, National Bank of Abu Dhabi priced a five year ringgit denominated sukuk to tap investors in the world's largest Islamic bond market.

ADCB posted a second quarter loss, weighed down by hefty provisioning for bad loans and specific impairments related to indebted state conglomerate Dubai World. (Reuters)

For all the latest UAE news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.