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First Abu Dhabi Bank (FAB), the UAE’s largest lender by assets, is marketing a dollar-denominated five-year floating rate Formosa bond with a final price guidance of SOFR +75bps.
The Regulation S bond has an expected rating of Aa3 (Moody’s), in line with the issuer’s own Aa3/AA–/AA– ratings.
Credit Agricole Taipei branch, KGI Securities and Standard Chartered Bank (Taiwan) are joint managers on the issuance.
The Formosa bond is FAB’s second debt market tap of the year, with the lender raising $750 million through a five-year Eurobond in January at a fixed coupon of 4.299%.
(Writing by Bindu Rai, editing by Seban Scaria)
