First Abu Dhabi Bank Markets US$ Five-Year Low-Carbon Energy Bond at IPTs Around UST+95bp.
First Abu Dhabi Bank (FAB), rated Aa3 by Moody’s, AA– by S&P, and AA– by Fitch, all with stable outlooks, is marketing a US dollar-denominated five-year low-carbon energy bond with initial price thoughts around UST+95bp. The bonds will carry the same ratings as the issuer: Aa3/AA–/AA–.
Proceeds are earmarked to fund or refinance eligible projects under FAB’s sustainable finance framework. The UAE’s largest bank by assets has appointed Bank of China, Barclays, Citi, Crédit Agricole CIB, FAB, HSBC, and Standard Chartered as Joint Lead Managers and Bookrunners, with Crédit Agricole CIB acting as Sole Sustainability Structuring Advisor. FCA/ICMA stabilisation applies.
The bond will offer a fixed, semi-annual coupon and be listed on the London Stock Exchange, issued under FAB’s $20 billion EMTN programme. Last week, FAB completed a HKD 390 million ($50 million) five-year Blue Bond, the Gulf’s first-ever financial institution-issued Blue Bond.
