Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has issued benchmark fixed-rate Additional Tier 1 perpetual six-year bonds worth $750 million, according to the Emirates News Agency (WAM).
The issuance of the non-callable bonds was subscribed with more than $1.5 billion, attracting over 115 accounts.
"Despite the volatile and challenging market backdrop, FAB successfully achieved its target size of $750 million at a price of 4.5%, making this the lowest yield for a USD Reg S AT1 from the MENA region," the bank referred in a statement.
It is noteworthy to mention that in late September, the bank has hired Citi, HSBC, and Standard Chartered to arrange for the investor call for the US dollar-denominated bond issuance.