ADCB bond issue

[Prop]

Here is an announcement about $1 mil bonds, but the whole note programme is $7.5 mil. Please insiders, clarify the difference in the numbers. Thanks

WAM, 03 October 2009:

Abu Dhabi Commercial Bank (ADCB), the Emirate of Abu Dhabi’s second-largest lender by total assets, has said that it had agreed to issue US$ 1,000,000,000 million of bonds under its newly updated and amended US$7.5 billion global medium term note programme. The transaction, according to ADCB press release, is the first ever global offering by any GCC bank. “The issue will consist of bonds at a fixed coupon of 4.75% per cent. per annum, representing 262.5 bps over [US Treasuries], that will mature on 08October 2014,” ADCB’s CEO Ala’a Eraiqat said, adding that the issue is the outcome of a very positive response to ADCB’s recent investor presentations in Hong Kong, Singapore and London, among other international financial centers. “We believe investors’ positive reception was attributable to ADCB’s willingness to adopt the rigorous international transparency and disclosure required by global debt capital markets. This step by ADCB will help to steer other UAE companies to adopt the same rigorous standards of transparency and disclosure standards and help to build international confidence in UAE issuers,” Mr. Eraiqat noted. Mr. Eraiqat added that “The Bank is very pleased with investors’ support of ADCB’s bond issuance and believes such support is a reflection of global investors’ perception of the strength of ADCB’s credit and the prospects of the UAE banking system as a whole.” Mr. Kevin Taylor, ADCB’s Head of Treasury and Investments, said the issuance is another first for ADCB after it was the first bank in Abu Dhabi to establish and issue notes from a European medium term note programme in 2005. “ADCB remains committed to taking the lead in developing capital markets for local and regional banks,” he added.

[sharewadi]

I assume the ADCB MTN bond program is being offered in several stages over a period of time, worth a total of $7.5 billion, with the current tranche being offered worth $1 bn?
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