Oil Updates — crude falls on concerns about China, winter demand

Oil Updates — crude falls on concerns about China, winter demand

RIYADH: In a significant step to support the UAE’s net-zero goal, Abu Dhabi Commercial Bank said it has successfully priced a $650 million green bond, with the proceeds designated for financing eligible sustainable assets. 

The issuance, which was priced with a 5.50 percent coupon rate, featuring a spread of 125 basis points above US treasuries, aligns with ADCB’s Green Bond Framework. 

It was oversubscribed by 2.9 times, drawing interest from local, regional, and international investors, with total orders exceeding $1.9 billion.  

The demand underscores the market’s confidence in ADCB’s creditworthiness and the attractiveness of the bank’s sustainability initiatives, according to a statement. 

This marks ADCB’s second environmental issuance, following its inaugural $500 million green bond in September 2022. 

“ADCB’s second green bond issuance is a significant development in the delivery of our climate strategy, which is aimed at financing solutions to tackle climate change in support of the UAE Net Zero by 2050 Strategic Initiative,” Ala’a Eraiqat, group CEO said. 

“As the UAE prepares to host COP28, ADCB stands ready to support customers on their path to success in a net zero economy,” he continued. 

The Bank's solid credit ratings of A/Stable/A-1 from S&P and A+/Stable/F1 from Fitch, as well as its strong ESG ratings with a "AA" rating from MSCI and a "Medium