First Abu Dhabi Bank, (FAB), rated Aa3 by Moody’s, AA- by S&P and AA- by Fitch, has mandated banks to arrange a series of fixed income investor calls on Wednesday, 19 November, on a potential AT1 capital issuance.

Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and Standard Chartered Bank are joint lead managers and bookrunners.

A benchmark fixed rate resettable USD-denominated Regulation S Registered Perpetual non-call 6-year AT 1 capital issuance with an expected rating of Baa3 by Moody’s will follow, subject to market conditions.

FAB, the UAE’s largest bank by asset size, earlier this month issued a senior green bond sized at EUR850 million. That deal landed at mid-swaps plus 70bp, after opening books at plus 100bp area.

First Abu Dhabi Bank prices its EUR 850mln long 5-year green bond

(Writing by Brinda Darasha; editing by Seban Scaria)  

brinda.darasha@lseg.com