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FAB issues $750m benchmark Tier 1 six-year bond

FAB issues $750m benchmark Tier 1 six-year bond
The issuance of the non-callable bonds was subscribed with more than $1.5bn

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.