First Abu Dhabi Bank (FAB), which holds ratings of Aa3 from Moody’s and AA- from both S&P and Fitch — all with stable outlooks — has priced a EUR 850 million benchmark Regulation S green bond with a long five-year tenor, offering a coupon of 3.1201%.
The bond was priced at a spread of 70 basis points over the mid-swap rate, tightened significantly from the initial guidance of around MS+100 bps. The final yield was confirmed at 3.122%.
Demand for the issuance was strong, with the order book initially reaching €1.9 billion before closing at €1.4 billion, excluding interest from joint lead managers.
Citi, Crédit Agricole CIB, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, Societe Generale, and Standard Chartered Bank acted as joint lead managers and bookrunners for the transaction.
The senior unsecured note forms part of FAB’s USD 20 billion Euro Medium Term Note Programme and will be listed on the main market of the London Stock Exchange. Its expected rating aligns with the bank’s own, with settlement scheduled for 20 November 2025.
FAB, the UAE’s largest bank by assets, previously issued a USD 750 million five-year Regulation S low-carbon energy bond in September, priced at T+65 bps.
