Banking and Finance First Abu Dhabi Bank raises $600m via unsecured bonds By Reuters January 19, 2023, 5:18 AM Creative Commons FAB sold the bonds at a spread of 105 basis points (bps) over US Treasuries First Abu Dhabi Bank (FAB), the largest lender in the UAE, sold $600 million in senior unsecured bonds maturing in 5-1/4 years, a bank document showed on Wednesday. FAB sold the bonds at a spread of 105 basis points (bps) over US Treasuries from initial guidance of around 130 bps over the same benchmark after demand topped $1.45 billion, the document showed. Citi, Emirates NBD, FAB, HSBC and Standard Chartered are joint lead managers and book-runners on the debt sale. Earlier this month, the bank launched a $500 million Islamic bond, or sukuk. FAB, 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. 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
