Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) sold 30-year Formosa bonds with a 0% coupon at a total value of $500 million in a private placement last month, according to Reuters.

Standard Chartered has solely arranged the transaction, in which the bonds yielded 3.7% at issuance, a source told Reuters earlier.

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

It is noteworthy to mention that in the first three months of 2020, FAB's net profits declined by 22.49% to AED 2.408 billion, compared to AED 3.106 billion in the same period of 2019.