Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE's largest bank has issued a $750 million benchmark fixed rate Additional Tier 1 perpetual non-call six-year bond.
FAB attracted an orderbook of over $1.5 billion with strong participation from more than 115 accounts. Despite the volatile and challenging market backdrop, FAB successfully achieved its target size of $750 million at a price of 4.5%, making this the lowest yield for a USD Reg S AT1 from the MENA region.
Rula AlQadi, Head of Group Funding at FAB, said: “We are delighted with the outcome on our AT1 issuance. To be able to achieve our size and price aspirations in challenging markets with a well-diversified international investor base is a fantastic outcome and reflects FAB’s strong credit fundamentals with international investors.”