Top UAE bank FAB raises $907.73mln with first euro-denominated bond | ZAWYA MENA Edition
First Abu Dhabi Bank, the largest lender in the United Arab Emirates, raised 750 million euros ($907.73 million) through the sale of five-year bonds on Tuesday, its debut euro-denominated issue, a document showed.
It set the spread at 55 basis points (bps) over mid-swaps, tightening initial price guidance by 20 bps after receiving more than 1.6 billion euros in orders, the document from one of the banks running the deal showed.
FAB has already tapped debt markets several times this year, including with a sterling-denominated deal last week and the region's first green bonds denominated in Swiss francs last month.
The Gulf has seen a flood of debt sales so far this year, as borrowers in the oil-dependent region take advantage of cheap rates and abundant global liquidity to plug finances hit by the pandemic-induced downturn.
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