UAE’s ADCB plans to sell $500 million in tier 2 capital securities

UAE’s third largest lender Abu Dhabi Commercial Bank has hired banks to arrange investor meetings for the sale of US dollar denominated 10.5 year non-callable for 5.5 year tier 2 capital securities, an arranging bank document showed on Monday.

The lender has selected Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, and Mizuho as joint bookrunners to work on the debt transaction, the document said.

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The investor calls are scheduled to start on Sept. 2 and will be followed by a $500 million Fixed Rate Resetting Tier 2 Capital Securities issuance, subject to market conditions, the document added.