Abu Dhabi Commercial Bank pumps USD230mn Formosa bond
20 Mar 2017
(MENAFN) Abu Dhabi Commercial Bank, the emirate’s second largest bank by assets, issued USD230mn amid the sale of a five-year Formosa bond.
Recently, two other Gulf banks have made similar forays into the Formosa market in the past year as they aim to spread their funding sources.
Earlier this quarter, the bank issued almost USD750mn through a five-year Formosa bond, which was placed with institutional investors.
Moreover, Qatar National Bank in July raised USD330mn of five-year Formosa floating-rate notes, two months after issuing three-year floating-rate notes of USD1.1bn.