Abu Dhabi Commercial Bank (ADCB), the UAE’s third-largest lender, has priced its debut $500 million green bond that will help it finance projects following environmental, social, and governance (ESG) standards.
The five-year bond, which was priced 115 basis points above treasuries, carries a 4.5 percent coupon rate.
The transaction was 3.8 times oversubscribed, attracting $1.9 billion in orders from local, regional and international investors.
The bond, which will be issued on September 14, follows a global roadshow and reflects confidence in ADCB as well as its approach to managing ESG risks and opportunities, the bank said.
ADCB said it has embedded ESG into its corporate strategy and has aligned its sustainability approach to the UAE’s ambitions for an inclusive, net-zero economy.
It is committed to providing 35 billion dirhams ($9.53 billion) in green finance by 2030, reaching net zero in its own operations, and reducing financed emissions in line with the UAE government’s net-zero ambitions.
