Standard Chartered built the order book, using its extensive banking experience and local knowledge to steer through difficult market conditions. The two year Notes have been well distributed, with Middle Eastern investors taking 60% and non-Middle Eastern investors taking 40% of the issue. In 2007, prior to this
transaction, SCB had already arranged reverse enquiry trades, with varying maturities, totalling over Dhs2bn for ADCB. This is in addition to the benchmark seven year fixed rate AED issuance arranged for ADCB in late 2006.
Eirvin Knox CEO, ADCB said, "It is very encouraging to see that the trade was priced similar to the pricing for a comparable rated European Bank for the same tenor. This is clearly reflective of the investors' continued confidence in the performance of Middle Eastern Banks."
Commenting on the transaction, Gilles Franck, Regional Head of Capital Markets, Standard Chartered Bank, said, "We are delighted to partner with ADCB to arrange this financing. Its successful closing is further proof that ADCB is an issuer that responds pragmatically to market openings and a credit well liked by investors."
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Standard Chartered arranges Dhs2bn bond issue for ADCB
- United Arab Emirates: Thursday, November 29 - 2007 at 08:05
- PRESS RELEASE
Standard Chartered has successfully arranged a Dhs2bn capital markets transaction, on a sole basis, for Abu Dhabi Commercial Bank (ADCB) as a tranche off their EMTN programme.
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About Standard Chartered - leading the way in Asia, Africa and the Middle EastStandard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.
Standard Chartered has a history of over 150 years in banking and is in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.
As one of the world's most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at the heart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market.
With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.
Standard Chartered uniquely derives over 90% of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award-winning solutions.
Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.
Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.
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For more information, please contact:
Patricia Bentham
Head of Corporate Affairs UAE and Oman
Office: +9714 5070548
Posted by Anne-Birte Stensgaard, Senior News EditorThursday, November 29 - 2007 at 08:05 UAE local time (GMT+4)
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