By Davide Scigliuzzo
LONDON, Feb 26 (IFR) - Abu Dhabi Commercial Bank (ADCB) has raised a combined USD1.5bn through the placement of a rare dual-tranche bond offering made up of senior and subordinated notes.
The lender priced a USD750m 2.50% five-year senior unsecured bond at a re-offer price of 99.636 to yield 2.578%, or 165bp over mid-swaps and a USD750m 4.50% 10-year subordinated bond at a reoffer price of 99.127 to yield 4.61%, or 265bp over mid-swaps.
The senior notes are expected to be rated A/A+, while the subordinated notes are likely to be rated A-/A.
Abu Dhabi Commercial Bank, Barclays, ING, JP Morgan, National Bank of Abu Dhabi and RBS are the leads on the Reg S-only transaction.
(Reporting by Davide Scigliuzzo; Editing by Sudip Roy)
((davide.scigliuzzo@thomsonreuters.com; +44 020 7542 2269;))
