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First Abu Dhabi Bank PJSC (FAB), rated Aa3 / AA- / AA- by Moody’s, S&P and Fitch (all stable), has opened books for a new five-year USD benchmark bond under its $20 billion Euro Medium Term Note Programme.
The transaction is being arranged by Citi, FAB, HSBC, Mashreq, Societe Generale, and Standard Chartered Bank, with Standard Chartered acting as the billing and delivery bank. Books open today.
Initial price thoughts (IPTs) are set at US Treasuries +95 basis points area, with the coupon to be determined.
The notes, which will be listed on the London Stock Exchange, will pay a fixed rate on a semi-annual basis, following a 30/360 day count convention.
The senior unsecured notes, issued in Regulation S format, are expected to carry the same high-grade ratings as the issuer.
The offering comes amid robust demand for high-quality GCC credits. Emirates NBD on Tuesday raised $1 billion through its dual-tranche sustainability bonds, with substantial narrowing of spreads on both tranches as the order book exceeded $2 billion.
(Writing by Brinda Darasha; editing by Bindu Rai)
