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DUBAI – Abu Dhabi Commercial Bank, the third-largest bank in the United Arab Emirates, has raised $500 million in an initial green bond offering, ending a shortage of issuances in the region, a banking filing shows.
The bonds traded 115 basis points above U.S. Treasuries on Wednesday, tightening from initial price guidance and about 140 basis points above the same benchmark, after securing more than $1.8 billion in trade orders, according to one of the banks’ filings on the deal. . Display and two sources.
“The trade momentum is strong, opening up capital markets for other GCC issuers,” said one of the sources with direct knowledge of the deal, referring to the six-nation Gulf Cooperation Council.
“It’s a very diverse distribution compared to deals earlier this year, with a very large following of European accounts,” the source said, adding that orders reached $1 billion in 90 minutes.
Barclays and ING are joint sustainability structuring advisors. ADCB, Bank of America Securities, JPMorgan Chase, Mizuho and Sumitomo Mitsui Banking Corporation Nikko Bank joined as joint lead managers and bookrunners.
Proceeds from the debt sale will finance or refinance green loans in line with the Agricultural Development Bank of China’s green bond framework.
(Reporting by Yousef Saba; Editing by Edmund Blair)
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