Abu Dhabi Commercial Bank (ADCB) raised USD230mn through the sale of a five-year Formosa bond, its second issuance sold in Taiwan this quarter, sources told Reuters on Sunday. Formosa bonds are sold in Taiwan by foreign issuers and denominated in currencies other than the Taiwanese dollar. ADCB's five-year issue was placed with institutional investors. Earlier this quarter, the bank raised cUSD750mn five-year Formosa bond, which was also placed with institutional investors, one of the sources said.
AD Comm. Bank (AD): AED6.87 as of 19 Mar. 2017, Rating: Neutral, TP: AED7.90/share, MCap: USD9,740mn, ADCB UH/ADCB.AD
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