Dubai: The UAE’s First Abu Dhabi Bank drew in heavy over-subscription for its 3.6 billion Chinese Yuan denominated and dual-listed Formosa bond.
The bank had as recently as June raised another 1.4 billion Chinese Yuan through a similar offer. The dual-listing ensured FAB got maximum demand from onshore Taiwan as well as from the rest of Asia.
Despite the GCC-wide public holiday, on account of Eid, FAB attracted an order book of more than 3.6 billion Chinese Yuan, which enabled the upsize of its target issuance from 1 billion Chinese Yuan.
The deal was significant on multiple fronts, and eclipsed the previous largest issuance (2.675 billion Chinese Yuan by Credit Agricole in 2016) and also pricing competitively at 3.4 per cent in the local currency, "which swapped back to well inside FAB’s USD curve".