Dubai – Mubasher: Abu Dhabi Commercial Bank (ADCB) raised $540 million from selling a Formosa bond, sources said.

The previous-week bond sale was placed with institutional investors and Barclays arranged the transaction, Reuters reported, citing the sources as saying.

“ADCB has been among the most active Gulf banks in the Formosa market in the past year or so. Formosa bonds are sold in Taiwan by foreign issuers and denominated in currencies other than the Taiwanese dollar,” the news agency added.

In July 2017, the UAE-based lender raised $320 million after selling a five-year Formosa bond, as well as other issues during the year at a value of $230 million and $750 million, respectively.

The emirate’s second-largest bank by assets has recently raised A$400 million ($313.5 million) in a triple-tranche “Kangaroo” bond issuance.

“Kangaroo bonds are issued by non-Australian issuers in the Australian market and are denominated in Australian dollars. ($1 = 1.2760 Australian dollars)”, Reuters concluded.