By Christine Van Dusen
Atlanta, Feb. 26 - Abu Dhabi Commercial Bank PJSC priced $1.5 billion of five- and 10-year notes in a Regulation S deal via financing vehicle ADCB Finance (Cayman) Ltd., a market source said.
The deal included $750 million 2½% notes due 2018 (expected ratings: /A/A+) that priced at 99.636 to yield 2.578%, or mid-swaps plus 165 basis points.
The notes priced tighter than talk, set at the mid-swaps plus 180 bps area.
The second tranche totaled $750 million 4½% notes due 2023 that priced at 99.127 to yield 4.61%, or mid-swaps plus 265 bps.
The notes were talked at a spread in the high-200 bps area.
Abu Dhabi Commercial Bank, Barclays, ING, JPMorgan, National Bank of Abu Dhabi and RBS were the bookrunners.
| Issuer: | ADCB Finance (Cayman) Ltd.
|
| Amount: | $1.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | Abu Dhabi Commercial Bank, Barclays, ING, JPMorgan, National Bank of Abu Dhabi, RBS
|
| Trade date: | Feb. 26
|
| Settlement date: | March 6
|
| Distribution: | Regulation S
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | March 6, 2018
|
| Coupon: | 2½%
|
| Price: | 99.636
|
| Yield: | 2.578%
|
| Spread: | Mid-swaps plus 165 bps
|
| Expected ratings: | Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | Mid-swaps plus 180 bps area
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | March 6, 2023
|
| Coupon: | 4½%
|
| Price: | 99.127
|
| Yield: | 4.61%
|
| Spread: | Mid-swaps plus 265 bps
|
| Expected ratings: | Standard & Poor's: A-
|
| Fitch: A
|
| Price talk: | Mid-swaps plus high-200 bps area
|
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