ADCB delays Malaysian bond sale

Dubai: Abu Dhabi Commercial Bank (ADCB) has delayed a bond sale priced in Malaysian ringgit and slashed its potential size due to market conditions, Middle East Economic Digest (MEED) reported, citing bankers.

ADCB was initially expected to raise as much as 1 billion ringgit ($299.2 million) by selling bonds, but this was reduced to 300 million ringgit "due to the poor market conditions".

The bank was planning to sell bonds in three-year and five-year tranches, MEED said, without clarifying 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 on August 25, and ADCB has evaluated the market trends following the meeting," said MEED.

ADCB agreed in May to pay $1.23 billion for a 25-per cent stake in Malaysia's RHB Capital.