News
ADCB delays Malaysian bond
Abu Dhabi Commercial Bank (ADCB) has delayed a bond sale priced in Malaysian ringgit and slashed its potential size due to market conditions.
ADCB was initially expected to raise 1 billion ringgit ($299.2 million) by selling bonds, but this was reduced to 300 million ringgit "due to the poor market conditions", the London-based Meed magazine reported.
The bank was planning to sell bonds in three-year and five-year tranches, without disclosing when the sale was first due to take place.
"The bank is expected to wait until after Bank Negara Malaysia has held a meeting to set interest rates tomorrow, and ADCB has evaluated the market trends following the meeting," it said.
ADCB planned to issue $1.2bn of bonds in Malaysia and Singapore, sources said in June.
ADCB was initially expected to raise 1 billion ringgit ($299.2 million) by selling bonds, but this was reduced to 300 million ringgit "due to the poor market conditions", the London-based Meed magazine reported.
The bank was planning to sell bonds in three-year and five-year tranches, without disclosing when the sale was first due to take place.
"The bank is expected to wait until after Bank Negara Malaysia has held a meeting to set interest rates tomorrow, and ADCB has evaluated the market trends following the meeting," it said.
ADCB planned to issue $1.2bn of bonds in Malaysia and Singapore, sources said in June.