First Abu Dhabi Bank plans to raise $750mln in sukuk | ZAWYA MENA Edition

First Abu Dhabi Bank plans to raise $750mln in sukuk | ZAWYA MENA Edition:

First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates, is expected to raise $750 million in Islamic bonds, according to a document issued by one of the banks leading the deal.

The five-year sukuk offer buyers 130 basis points over mid-swaps, 20 basis points below the indicative price FAB proposed when it started marketing the notes earlier on Tuesday.

FAB, rated Aa3 by Moody's and AA-(minus) by S&P and Fitch, is the first issuer in the Gulf to tap the international sukuk market this year.