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Share Name | Share Symbol | Market | Type |
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AMEX:SCZ | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 46.96 | 0 | 01:00:00 |
DUBAI (Zawya Dow Jones)--Abu Dhabi Commercial Bank (ADCB.AD) has set up a $7.5 billion global medium-term note, or GMTN, program to raise funds "from time to time" that will be used for general corporate purposes, the lender said in a filing to the London Stock Exchange.
The lead arrangers are HSBC Holdings PLC (HBC) and Standard Chartered Bank (SCZ.ZM), with 10 mostly international banks acting as dealers on the program, according to the filing.
In the prospectus, ADCB said a difficult macro-environment had affected and "could continue to materially adversely affect ADCB's business, results of operations, financial condition and prospects."
The Abu Dhabi bourse-listed lender added that it would be likely to continue to be affected by credit risks if economic conditions don't improve.
The notes will not be guaranteed by Abu Dhabi's government--which owns a majority stake in the lender--according to the prospectus.
The bank raised $500 million via five-year, dollar-denominated Islamic bond, or sukuk, last month.
-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
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