LONDON  - There was a rare instance of two Middle Eastern lenders out in the Swiss market in the same week as Abu Dhabi Commercial Bank and First Abu Dhabi Bank hit screens.

ADCB was first out of the blocks, pricing a SFr200m 0.5% November 2024 note at 80bp over swaps, which was in line with fair value.

It was followed by 1ADB, which came with SFr150m 0.205% December 2025 bond at plus 50bp, the wide end of plus 48bp-50bp guidance.

The 1ADB deal had "very aggressive pricing to begin with - substantially inside its dollar curve and flattish to the Swiss franc 5.5-year from earlier this year that was at swaps plus 47bp," said one lead official.

ADCB saw 28 accounts take part, while 1ADB had 21, with both books being dominated by Swiss asset managers.

UBS was bookrunner for ADCB, with Bank J Safra Sarasin as co-manager. Credit Suisse was lead on 1ADB.

ADCB is rated -/A/A+ and 1ADB Aa3/AA-/AA-.

(This story will appear in the May 11 issue of IFR Magazine) ((jon.penner@thomsonreuters.com; +44 207 542 7348; Reuters Messaging: jon.penner.thomsonreuters.com@reuters.net))

((CZ regional))