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.