FAB issues bonds valued at over $860mln within 3 days | ZAWYA MENA Edition:
First Abu Dhabi Bank, FAB, has issued bonds worth over AED3 billion via two separate public issuances in three days, marking its first ever Sterling bond and first Kangaroo bond since 2014.
FAB issued its inaugural three-year GBP450 million (AED2.15 billion) fixed rate bond, under its US$15 billion Euro Medium Term Note, EMTN, Programme. According to a statement released by the UAE's largest bank, "This marks the first and largest ever Financial Institution GBP issuance from the region."
"The book was 2.8 times oversubscribed with strong participation from high quality UK investors," it added, noting that the bond will be listed on the London Stock Exchange.
The bank also raised AU$350 million (AED860 million) through a Kangaroo issuance. The five-year floating-rate notes were priced at 110 basis points over the three-month bank bill swap rate, BBSW, and issued under its AU$2 billion Debt Issuance Programme. This marks FAB’s return to the Australian dollar market for the first time since 2014.
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