First Abu Dhabi Bank (FAB), the UAE’s largest lender by assets, has successfully raised $750 million through a five-year floating rate Formosa bond. The bond, paying quarterly in arrears, was priced at SOFR +75 basis points and reoffered at par, in line with final guidance.
The Regulation S senior unsecured issuance carries an expected rating of Aa3 from Moody’s, consistent with the bank’s existing Aa3/AA–/AA– ratings. The bond will be listed on both the Taipei Exchange and the London Stock Exchange.
Deal structure and management
Crédit Agricole Corporate and Investment Bank, Taipei Branch, KGI Securities Co. Ltd., and Standard Chartered Bank (Taiwan) Limited acted as joint lead managers. Standard Chartered Bank (Taiwan) Limited also served as the billing and delivery bank, while FAB acted as the structuring agent.
This transaction marks FAB’s second debt market tap in 2026. Earlier in January, the lender raised $750 million through a five-year Eurobond with a fixed coupon of 4.299%, underscoring the bank’s active presence in both local and international capital markets.
