Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has issued this year's first CNY 1.5 billion ($232 million) five-year Formosa bond at a 3.15% coupon, according to a press release on Tuesday.

This transaction has the lowest coupon on a five-year public Chinese yuan issued by a MENA bank.

The offering was upsized to CNY 1.5 billion from a target size of CNY 1 billion, attracting many onshore Taiwanese and Asian investors including life insurers, banks, fund managers, and securities houses. 

The deal was executed based on demand in the Formosa market and the CNY-USD swap level.

Commenting on the issuance, the Managing Director and Head of Group Funding at FAB, Rula Al Qadi, said: "FAB has always been very well received in the Formosa market whether issuing in CNY or USD and we tend to be a frequent issuer in this market as a commitment to the Taiwanese and broader Asian investors."