| DUBAI, March 19
DUBAI, March 19 Abu Dhabi Commercial Bank
(ADCB), the emirate's second largest bank by assets,
raised $230 million through the sale of a five-year Formosa
bond, its second issuance sold in Taiwan this quarter, sources
told Reuters on Sunday.
At least two other Gulf banks have made similar forays into
the Formosa market in the past year as they look to diversify
their funding sources.
Formosa bonds are sold in Taiwan by foreign issuers and
denominated in currencies other than the Taiwanese dollar.
ADCB's five-year issue, which was placed with institutional
investors, was arranged by JPMorgan Chase & Co, the
ADCB declined to comment when contacted by Reuters.
Earlier this quarter, the bank raised around $750 million
through a five-year Formosa bond, which was also placed with
institutional investors, one of the sources said. That issue was
arranged by Morgan Stanley.
National Bank of Abu Dhabi raised $885 million
through the sale of a 30-year Formosa bond in January after
issuing a $696 million public Formosa bond in October.
Qatar National Bank in July printed $330m of
five-year Formosa floating-rate notes, two months after issuing
three-year floating-rate notes of $1.1 billion.
(Editing by Jane Merriman)