First Abu Dhabi Bank issues largest Chinese Yuan dual listed Formosa bonds from MENA region

First Abu Dhabi Bank (FAB) issued the largest Chinese Yuan (CNH) dual listed Formosa bonds from the MENA region, with a CNH 1.4 billion five-year issuance.

Despite the challenging market backdrop, FAB attracted a high quality orderbook of over CNH 1.6 billion, which enabled the bank to upsize its target issuance from CNH 1 billion to CNH 1.4 billion. 

The dual listing ensured that FAB earned maximum demand from onshore Taiwan as well as from the rest of Asia.  FAB has been a regular issuer in the Formosa market and is a well-known name in the CNH market, which enabled the bank to print the largest deal from the region in this currency.

Rula AlQadi, Head of Group Funding, First Abu Dhabi Bank (FAB), said: “This deal is further testament to FAB’s ability to access niche markets at short notice and to take advantage of opportunistic funding levels. The CNH deal swaps back well inside our USD curve for a decent size of the equivalent of almost USD 200 million.  We are very thankful to all the investors who have supported FAB in this deal.”

FAB was the structuring agent on the deal, which was issued under the bank’s USD 15 billion Euro Medium Term Note (EMTN) programme.