Abu Dhabi Commercial Bank plans to sell dollar-denominated notes

By Reshmi Basu

New York, April 13 - Abu Dhabi Commercial Bank (Aa3/A) plans to issue a dollar-denominated benchmark-sized offering of 10-year floating rate notes, according to a market source.

The deal will be structured as subordinated lower tier 2 notes. The notes are non-callable for five years and there will also be a coupon step-up.

Deutsche Bank is the bookrunner for the Regulation S transaction.

A roadshow is slated to begin in Singapore on April 20, then off to Hong Kong on April 21, next to Frankfurt on April 24, and wrapping up in London on April 25.

Abu Dhabi Commercial Bank is a local bank, headquartered in the United Arab Emirates.

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