Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has raised more than AED 3 billion in three days from its first ever Sterling bond and first Kangaroo bond since 2014, according to a press release on Sunday.

The UAE’s largest bank has issued GBP 450 million (AED2.15 billion) through a three-year fixed rate Sterling bond, as part of its $15 billion Euro Medium Term Note (EMTN) programme, marking the first and largest ever financial institution GBP issuance in the region.

Meanwhile, the bank made AUD 350 million (AED 860 million) in a five-year Kangaroo issuance, priced at 110 basis points over the three-month bank bill swap rate (BBSW).

Both bonds were listed on the London and Australian Stock Exchanges.

The deputy group CEO and group head of corporate & investment banking at FAB, André Sayegh, said: “FAB’s ability to tap both the UK and Australian markets in the same week underlines the success of FAB’s funding strategy, with our first Sterling bond representing another significant milestone for the bank. Both transactions are consistent with our strategy to diversify our investor base whilst raising cost-effective liquidity and funding.”

In January, the highest rated bank across the Middle East issued the region’s five-year first dollar-denominated Sukuk of 2020 at $500 million under its $3.5 billion Trust Certificate Issuance programme.