UAE's Bank FAB launches $500mln 5-year Islamic bond
First Abu Dhabi Bank, the largest lender in the United Arab Emirates (UAE), launched a $500 million Islamic bond, or sukuk, on Monday, a document reviewed by Reuters showed, pricing tighter than guidance on strong demand for the issue.
The issue is expected to price later on Monday.
The spread on the five-year sukuk was set at 90 basis points (bps) over U.S. Treasuries at launch, tightened from final guidance of around 95 bps earlier in the day after orders of over $1.35 billion, the document showed.
Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, Sharjah Islamic Bank, Standard Chartered Bank, and The Islamic Corporation for the Development of the Private Sector were mandated joint lead managers on the deal.
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