Banking & Finance First Abu Dhabi Bank launches $500m 5-year Islamic bond By Reuters January 10, 2023, 5:00 AM Wam Revenue at First Abu Dhabi Bank rose 27% to AED7 billion on continued expansion in net interest income First Abu Dhabi Bank, the largest lender in the United Arab Emirates (UAE), has launched a $500 million Islamic bond, or sukuk, a document reviewed by Reuters showed, pricing tighter than guidance on strong demand for the issue. The spread on the five-year sukuk was set at 90 basis points (bps) over US Treasuries at launch, tightened from final guidance of around 95 bps earlier in the day after orders of over $1.35 billion, the document showed. Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, Sharjah Islamic Bank, Standard Chartered Bank, and The Islamic Corporation for the Development of the Private Sector were mandated joint lead managers on the deal. First Abu Dhabi Bank, majority government-owned, is the second lender from the UAE this year to take advantage of an opportunity to issue debt following a significant slowdown in issuances from the Gulf region last year. Last week, Dubai’s Emirates NBD sold a AED1 billion ($272 million) three-year bond which also priced tighter than guidance amid strong investor interest.