Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has issued the world's largest Chinese Yuan-denominated dual-listed Formosa bond worth CNY 3.25 billion ($465 million) of a 5-year term, according to Emirates News Agency (WAM).

FAB has attracted over CNY 3.6 billion in international orderbook, which allowed the bank to increase the target issuance size from CNY 1 billion to CNY 3.25 billion.

The dual-listing ensured FAB got maximum demand from onshore Taiwan as well as from the rest of Asia. 

The head of group funding at FAB, Rula Al Qadi, said: "Our ability to access niche markets at short notice and to take advantage of opportunistic funding levels gives us a major advantage in funding. The CNY deal swaps back well inside our US dollar curve for the size of almost $464 million equivalent." 

It is noteworthy to mention that in mid-June, the bank has sold 5-year Formosa bonds at a total value of CNY 1.4 billion and with an interest rate of 3.5%.