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FAB issues five-year $500m Sukuk

FAB issues five-year $500m Sukuk
The Sukuk was issued at MS+90bps
FAB
NBAD
-0.27% 14.92 -0.04

Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has issued a five-year Sukuk worth $500 million through FAB Sukuk Company Limited, according to a press release on Monday. 

The Sukuk was issued at MS+90bps and with an all-in yield of 1.411%, marking the lowest yield on any five-year MENA bank USD issuance.

The transaction, which is the first global Sukuk issuance this year, was three times oversubscribed, as it attracted a total orderbook of circa $1.5 billion.

In addition, the Sukuk has attracted various Islamic and conventional investors from the Middle East, Asia, the UK, and Europe

Commenting on the transaction, the Managing Director and Head of Group Funding at FAB, Rula Al Qadi, said: "Coming in the first week of January, we managed to take advantage of market conditions and print a deal roughly 20bps inside our curve."