ADCB answers rates fears with FRN

By Steven Gilmore
12 Nov 2013

Abu Dhabi Commercial Bank launched its fourth bond deal of 2013 on Tuesday. The borrower is set to price a floating rate dollar benchmark, which despite an aggressive starting point should appeal to an investor base concerned about rising rates, said debt bankers.

Deutsche Bank, JP Morgan and Standard Chartered Bank set guidance in the 135bp area over three month Libor for a benchmark deal, which will mature in January 2017.

They fixed the final spread at 130bp and received over $900m in orders for the Reg S transaction, and will the ...

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