Abu Dhabi Commercial Bank talks dollar-denominated five-year notes at Treasuries plus 262.5 bps

By Paul A. Harris

St. Louis, Sept. 30 - Abu Dhabi Commercial Bank P.J.S.C. set price guidance for its benchmark-sized, dollar-denominated offering of five-year senior notes (Aa3/A) at Treasuries plus 262.5 basis points, according to a market source.

The deal, which is believed to be sized around $1 billion, is expected to price Thursday morning in Europe.

Abu Dhabi Commercial Bank, Bank of America Merrill Lynch, Deutsche Bank and Standard Chartered Bank are joint bookrunners for the Rule 144A and Regulation S offering.

Abu Dhabi Commercial Bank is the third largest bank in the United Arab Emirates, with total assets of $39.3 billion as of March 31, 2009. The Abu Dhabi government has a 64.8% stake in the bank through the Abu Dhabi Investment Council, while members of the ruling family hold at least an additional 10%.

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