First Abu Dhabi Bank, the UAE’s largest lender by assets, has secured £450 million (USD 613 million) through its third capital markets issuance this year. The transaction comprises a 5.5-year senior unsecured benchmark bond, with pricing tightened to UKT +75 basis points from initial price thoughts in the mid-gilts +90bps area.
Strong investor appetite drove the orderbook beyond £825 million at launch, including £75 million from joint lead managers, before stabilising at more than £775 million.
The bond carries an annual coupon of 4.6965% on a short first period basis, offering a yield of 4.702% and was reoffered at par.
The issuance is rated Aa3 by Moody’s and AA- by both S&P and Fitch, consistent with the bank’s standalone credit ratings.
The transaction is issued under FAB’s USD 20 billion Euro Medium Term Note Programme, as supplemented.
Barclays, Deutsche Bank, First Abu Dhabi Bank, Standard Chartered and TD Securities acted as joint lead managers and bookrunners, while Standard Chartered also served as billing and delivery agent.
The bond will be admitted to trading on the Main Market of the London Stock Exchange.
Earlier this year, FAB completed two USD 750 million issuances in January, including a five-year Formosa bond priced at SOFR +75bps, following a five-year benchmark deal at T+60bps.
