* Picks itself, JP, ING, RBS, Stanchart for bond issue -
* Expected to launch in days after Weds' Q4 earnings
* MidEast debt issues so far in 2013 seen strong backing
DUBAI, Jan 28 Abu Dhabi Commercial Bank
, the United Arab Emirates' third largest lender by
market value, has picked five banks for a conventional bond
issue, two sources familiar with the matter said, tapping into
strong investor interest for regional debt.
The lender has chosen itself, J.P. Morgan Chase, ING
, Royal Bank of Scotland and Standard Chartered
to arrange the offering, the sources said on Monday,
speaking on condition of anonymity because the information is
ADCB is due to report its fourth-quarter earnings on
Wednesday, with the bond expected to launch in the following
days, the sources added.
An ADCB official declined to comment.
ADCB last tapped the dollar bond market in November 2011,
when it printed a $500 million, five-year sukuk. The Islamic
bond was trading to yield 2.014 percent at 0735
GMT, according to Thomson Reuters data.
However, it has done deals in other currencies, including a
$101 million Malaysian ringgit sale in April.
"Financial institutions in the region have been active in
tapping debt markets in the last year and we expect that trend
to continue in 2013. Spreads have tightened and some of them
have significant expansion plans," a senior banking source said,
declining to be identified.
Fixed income markets in the region have opened the year on a
strong note with Dubai and Qatar Telecom raising $1.25
billion and $1 billion respectively last week in
Emirates, Dubai's flagship carrier, is expected
to issue a bond in the coming days after picking six banks to
arrange meetings with fixed income investors.
ADCB shares were up 0.6 percent on the Abu Dhabi bourse at
0745 GMT. They have risen 9.3 percent year-to-date.