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First Abu Dhabi Bank (FAB), rated Aa3 by Moody’s, and AA- by S&P and Fitch (all with a stable outlook), priced its EUR 850 million benchmark Regulation S long five-year green bond with a 3.1201% coupon.
The spread was set at 70 basis points (bps) over the mid-swap rate (MS), tightened from the initial price thoughts in the MS+100bps area. The yield was set at 3.122%.
The order book peaked at €1.9 billion before settling at €1.4 billion, excluding JLM interest.
Citi, Crédit Agricole CIB, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, Societe Generale and Standard Chartered Bank were joint lead managers and bookrunners on the offering.
The senior unsecured bond comes under FAB’s $20 billion Euro Medium Term Note Programme and will be listed on the London Stock Exchange’s main market. It’s expected rating is in line with the issuer’s own with a settlement date of 20 November, 2025.
The lender, which is the UAE’s largest bank by asset size, launched a $750 million five-year Reg S low-carbon energy bond in September at T+65 bps.
(Writing by Bindu Rai, editing by Daniel Luiz)
