Abu Dhabi Commercial Bank issues $230m Formosa bond
19 Mar 2017 - 22:35
Dubai: Abu Dhabi Commercial Bank (ADCB), the emirate's second largest bank by assets, raised $230m through the sale of a five-year Formosa bond, its second issuance sold in Taiwan this quarter, sources told Reuters.
At least two other Gulf banks have made similar forays into the Formosa market in the past year as they look to diversify their funding sources.
Formosa bonds are sold in Taiwan by foreign issuers and denominated in currencies other than the Taiwanese dollar.
ADCB's five-year issue, which was placed with institutional investors, was arranged by JPMorgan Chase & Co, the sources said. ADCB declined to comment when contacted by Reuters.
Earlier this quarter, the bank raised around $750m through a five-year Formosa bond, which was also placed with institutional investors, one of the sources said.
That issue was arranged by Morgan Stanley. National Bank of Abu Dhabi raised $885m through the sale of a 30-year Formosa bond in January after issuing a $696m public Formosa bond in October.
Qatar National Bank in July printed $330m of five-year Formosa floating-rate notes, two months after issuing three-year floating-rate notes of $1.1 bn