Abu Dhabi-listed First Gulf Bank FGB.AD launched a $650 million five-year bond on Monday, the first major Gulf borrower to issue since the traditional summer lull, taking advantage of healthy investor demand for regional debt.
The bond launched at a spread of 210 basis points over midswaps, at the tighter end of final guidance released earlier in the day, indicating appetite for the lender's new issue was strong.
Order books had approached $3 billion ahead of launch, a banker familiar with the deal said, allowing FGB to issue $650 million. The borrower had indicated it would look to raise at least $500 million from the bond sale, which it said would be used for general funding purposes.
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