Banking and Finance First Abu Dhabi Bank set to raise $600m via green bonds By Reuters May 31, 2023, 5:13 AM WAM Proceeds will be used to fund environmental projects eligible under FAB's sustainable finance framework First Abu Dhabi Bank (FAB) is set to raise $600 million from an offering of five-year green bonds. The UAE’s biggest lender sold the bonds at 95 basis points (bps) over US treasuries, tightened 25 bps from initial guidance after demand topped $1.4 billion, a bank document showed. Proceeds will be used to fund environmental projects eligible under FAB’s sustainable finance framework, the bank document said. It gave no further details but said the framework could be seen on the bank’s website. FAB is green structuring agent and is joined by Citi, Credit Agricole, HSBC and Standard Chartered as joint lead managers and bookrunners. FAB last sold green bonds in October in a $700 million deal. It has also raised $1.6 billion through three public debt sales this year, including two sales of Islamic bonds (sukuk) and a sale of conventional bonds. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
