| Abu Dhabi Commercial Bank (ADCB) has launched a five-year RM500 million (US$157.2 million) bond issue, it said on Monday, the second bank from the emirate to issue a Malaysian currency bond this year. Kevin Taylor, group treasurer of the bank, said the deal would be a good source of five-year funding for the bank.The bond issue falls under the bank's 3.5 billion ringgit medium-term programme and is being managed by Standard Chartered Bank and RHB Investment Bank. In June, National Bank of Abu Dhabi priced a five year ringgit denominated sukuk to tap investors in the world's largest Islamic bond market. ADCB posted a second-quarter loss, weighed down by hefty provisioning for bad loans and specific impairments related to indebted state conglomerate Dubai World. |
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