First #AbuDhabi Bank plans to issue perpetual bonds as soon as September - sources | ZAWYA MENA Edition

First Abu Dhabi Bank plans to issue perpetual bonds as soon as September - sources | ZAWYA MENA Edition:

First Abu Dhabi Bank (FAB) plans to issue Additional Tier 1 (AT1) bonds as soon as September, two sources familiar with the matter said.

One of the sources said FAB, the largest bank in the United Arab Emirates, will likely issue $750 million in AT1 bonds.

"We always actively monitor our capital positions and we will always make sure to keep them at the best ratios within regulatory buffers," Rula Al Qadi, head of group funding at FAB, said in response to a Reuters query.

Additional Tier 1 (AT1) bonds, the riskiest debt instruments banks can issue, are designed to be perpetual in nature, but lenders can call them after a specified period.

In June, FAB redeemed $750 million in AT1 bonds on their first call date.