Abu Dhabi Commercial Bank (ADCB) takes the award for best investment bank for debt capital markets (DCM) in the Middle East, following a year of exceptional growth and consistent delivery of well-structured transactions across the region.
In just three years, the bank has evolved from a challenger to one of the leading institutions in regional DCM. Since establishing its DCM business in 2021, ADCB has seen rapid and consistent growth, with the number of tranches led by the bank increasing from nine in its first year to 60 in 2024.
Overall transaction volume rose from $17.9 billion in 2021 to $47.8 billion last year, including an 83% year-on-year increase between 2023 and 2024. This placed ADCB among the top three most active DCM banks in the region, alongside First Abu Dhabi Bank and Emirates NBD.
The bank also climbed significantly in the Bloomberg MENA G3 Bonds and Sukuk league tables — rising from 22nd in 2021 to 7th in 2024, outperforming several major international banks such as Goldman Sachs, Societe Generale and BNP Paribas.
ADCB entered the top 10 for the CEMEA league table for the first time. “ADCB has built a strong reputation for credible execution, and our league table progress has validated that approach. Clients rely on us to be present from pre-mandate to the final investor call demonstrating the reliability and depth of engagement that distinguish us in the market,” says Roderick Gordon, senior head of debt capital markets origination and syndicate at ADCB.
The bank has participated in a broad range of transactions, covering sovereigns, GREs, corporates, and financial institutions. In 2024, the bank executed deals in multiple currencies, including USD, AED and EUR.
Notable mandates included a $2 billion dual-tranche bond issuance for ADQ, where ADCB acted as global coordinator, a €500 million sukuk for the Islamic Development Bank – one of the few EUR-denominated Shariah-compliant instruments of the year – and a $750 million bond for the Government of Sharjah. The bank’s capabilities in capital instruments were also demonstrated by its own $500 million Tier 2 issuance.
ADCB’s emergence as a top-tier DCM institution in the Middle East has been driven by a disciplined, advisory-led approach and a focus on delivering execution consistency
ADCB’s role as global coordinator expanded significantly, from two such roles in 2023 to eight in 2024. Repeat mandates from clients such as Mubadala, Arada and ADQ further reinforced its growing client trust.
ADCB has also distinguished itself with its focus on transaction structuring and regulatory alignment. The bank acted as a joint structuring adviser on a Mubadala sukuk aligned with the UAE’s Shariah-compliant equities index – a novel feature for the regional sukuk market.
Another example of its advisory value was the repositioning of Consolidated Energy from a US 144A issuance base to a Reg S format focused on emerging market investors. The move allowed the issuer to gain inclusion in JP Morgan’s Emerging Markets Bond Index, significantly expanding its investor reach. “We are deliberate in the mandates we pursue, ensuring that each engagement is underpinned by insight-driven structuring and tailored solutions not just balance sheet support,” Gordon says.
ADCB’s execution footprint expanded well beyond the UAE in 2024. The bank led 12 transactions in Turkey – more than any other regional competitor – and participated in deals in Saudi Arabia, Oman, Kuwait, Bahrain and Jordan. It also supported debut trades in Canada and Switzerland for clients such as Proman and Nova Chemicals.
Looking ahead, ADCB is planning to expand into the CIS and African markets. Gordon notes: “ADCB’s first successful pricing of a bond issued from Uzbekistan forges a path to further mandates across Central Asia while gaining meaningful traction in Sub-Saharan Africa, marking the next phase of our regional growth strategy.”
Its private banking distribution network is a core competitive advantage. The bank has built a unique model linking origination, credit trading and private wealth placement, particularly effective for hybrid capital instruments and high-yield issuances.
In a recent AT1 transaction, ADCB’s private bank generated an order twice the size of the next largest investor, helping to compress pricing for the issuer. Gordon remarks: “With direct access to a robust investor base, we continue to deliver primary market performance that exceeds expectations.”
ADCB’s emergence as a top-tier DCM institution in the Middle East has been driven by a disciplined, advisory-led approach and a focus on delivering execution consistency. Its strength in structuring, commitment to regional development, and unique distribution model have helped establish it as a trusted partner across sovereign, corporate and financial issuer segments.
