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FAB issues $610m Formosa bond

FAB issues $610m Formosa bond
The issue has a maturity of 30 years
FAB
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Abu Dhabi – Mubasher: First Abu Dhabi Bank has issued a $610 million Formosa bond, sources familiar with the matter told Reuters.

The issue has a maturity of 30 years, the largest bank in the UAE said in a statement, adding that it is redeemable by the issuer every five years.  

The transaction is set to be issued on 22 January, the bank added, pointing out that other banks in the GCC region have recently raised funds in the Formosa bond market on the back of the low cost of this type of debt instruments.

Given that Abu Dhabi Commercial Bank has also recently sold a $540 million Formosa bond, sources told Reuters last week.

Formosa bonds are sold in Taiwan by foreign borrowers and are denominated in currencies other than the Taiwanese dollar.