First Abu Dhabi Bank (FAB) has launched its $750 million 5-year RegS low-carbon energy bond at T+65 bps.
Its order book exceeded $2.3 billion, excluding JLM interest.
The bank rated Aa3 by Moody’s, AA- by S&P, and AA- by Fitch (all with stable outlooks), marketed the bond at IPTs in T+ 95bp area.
The bonds will be rated Aa3/AA–/AA–, in line with the issuer.
Proceeds will be used to fund or refinance eligible projects in line with the bank’s sustainable finance framework.
The UAE’s largest bank by assets has mandated Bank of China, Barclays, Citi, Crédit Agricole Corporate and Investment Bank, First Abu Dhabi Bank, HSBC and Standard Chartered Bank as Joint Lead Managers and Bookrunners.
Crédit Agricole Corporate and Investment Bank is acting as Sole Sustainability Structuring Advisor. FCA/ICMA stabilisation applies.
The bond will pay a fixed, semi-annual interest rate and it will be listed in LSE.
The issuance falls under the bank’s $20 billion EMTN programme.
Last week, FAB issued a HKD 390 million ($50 million) 5-year Blue Bond, marking the first-ever Blue Bond issued by a financial institution in the Gulf countries.
(Writing by Seban Scaria; editing by Daniel Luiz)
(seban.scaria@lseg.com)
