First Abu Dhabi Bank (FAB) has issued a USD 750 million benchmark fixed rate Additional Tier 1 perpetual non-call six-year bond.
FAB attracted a quality orderbook of over USD 1.5 billion with strong participation from more than 115 accounts. Despite the volatile and challenging market backdrop, FAB successfully achieved its target size of USD 750 million at a price of 4.5%, making this the lowest yield for a USD Reg S AT1 from the MENA region.
Rula AlQadi, Head of Group Funding at FAB, said “We are delighted with the outcome on our AT1 issuance. To be able to achieve our size and price aspirations in challenging markets with a well-diversified international investor base is a fantastic outcome and reflects FAB’s strong credit fundamentals with international investors.”